ACCESS Newswire
12 Aug 2022, 15:19 GMT+10
NEW YORK, NY / ACCESSWIRE / August 12, 2022 / China Petroleum & Chemical Corporation ('Sinopec Corp.' or the 'Company') (NYSE:SNP)(HKEX:00386)(SSE:600028) announced today that the Company has notified the New York Stock Exchange ('NYSE') on August 12, 2022 (Eastern Time in the U.S., the same hereinafter) that it will apply for the voluntary delisting of its American depositary shares ('ADSs') from the NYSE under the U.S. Securities Exchange Act of 1934, as amended (the 'Exchange Act'). The board of directors of the Company approved the delisting of its ADSs from NYSE as well as the application for the deregistration of such ADSs and the underlying H Shares, where such application is subject to the Company satisfying the relevant requirements of the Exchange Act and depends on the relevant actual circumstances in the future. The determination of the board was based on several comprehensive considerations, including the small volume of the underlying H Shares of its outstanding ADSs compared to the total volume of its H Shares, the limited trading volume of its ADSs relative to the worldwide trading volume of its H Shares and the considerable administrative burden of maintaining the listing of the ADSs on the NYSE, the registration of the ADSs and the underlying H Shares with the United States Securities and Exchange Commission (the 'SEC') and complying with the periodic reporting and related obligations of the Exchange Act in the long term.
The Company intends to file a Form 25 with the SEC on or about August 29, 2022 to de-list its ADSs from the NYSE. The delisting of the ADSs from the NYSE is expected to become effective ten days thereafter. From and after the effective date, the Company will no longer list its ADSs on the NYSE.
Once the delisting has become effective, depending on the relevant actual circumstances in the future, the Company may seek to deregister the Company's ADSs and the underlying H Shares under the Exchange Act and terminate the related disclosure obligations in accordance with the relevant regulatory requirements and procedures, provided that the relevant standards of the Exchange Act (such as those set forth in Rule 12h-6 under the Exchange Act) are met. The Company will also consider whether to terminate its ADS program in due course in accordance with the deposit agreement based on the relevant actual circumstances.
The Company reserves its rights in all respects to delay or withdraw the aforementioned filings prior to their effectiveness and will disclose any further announcement if required under applicable listing rules or other applicable laws.
The Company will continue to comply with its disclosure obligations under applicable listing rules and maintain smooth communication with investors.
CAUTIONARY STATEMENT FOR PURPOSES OF THE 'SAFE HARBOR' PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release may contain, in addition to historical information, 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995 and Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These forward- looking statements are based on the Company's current assumptions, expectations and projections about future events. The Company uses words like 'believe,' 'anticipate,' 'intend,' 'estimate,' 'expect,' 'project' and similar expressions to identify forward looking statements, although not all forward-looking statements contain these words. These forward-looking statements are necessarily estimates reflecting judgment of the Company's senior management and involve significant risks, both known and unknown, uncertainties and other factors that may cause the Company's actual performance, financial condition or results of operations to be materially different from those suggested by the forward-looking statements. Except as required by law, the Company undertakes no obligation and does not intend to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Investor Inquiries:
Media Inquiries:
Beijing
Tel:(86 10) 5996 0028
Fax:(86 10) 5996 0386
Email: [email protected]
Beijing
Tel:(86 10) 5996 8146
Fax:(86 10) 5996 9810
Email: [email protected]
Houston
Tel:(832) 834 2431
Fax:(713) 544 8878
Email: [email protected]
SOURCE: China Petroleum & Chemical Corporation
Get a daily dose of Toronto Telegraph news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Toronto Telegraph.
More InformationHONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
NEW YORK, New York - Monday's trading session saw mixed performances across U.S. and global markets, with several major indices posting...
WASHINGTON, D.C.: The U.S. government has granted GE Aerospace permission to resume jet engine shipments to China's COMAC, a person...
DUBAI, U.A.E.: Saudi Aramco is exploring asset sales as part of a broader push to unlock capital, with gas-fired power plants among...
MILAN, Italy: Italian regulators have flagged four non-EU countries—including Russia—as carrying systemic financial risk for domestic...
NEW YORK CITY, New York: With just weeks to spare before a potential government default, U.S. lawmakers passed a sweeping tax and spending...
(Photo credit: Kamil Krzaczynski-Imagn Images) A common refrain during the Toronto Blue Jays' best winning streak in a decade has...
(Photo credit: Thomas Shea-Imagn Images) Brayan Rocchio lined a go-ahead, two-run double into the left field corner with two outs...
(Photo credit: Matt Marton-Imagn Images) Joey Loperfido, Nathan Lukes and Addison Barger homered and Jose Berrios pitched six strong...
(Photo credit: Kim Klement-Imagn Images) Tyler Johnson, who played 13 seasons in the NHL and won back-to-back Stanley Cups with the...
(Photo credit: Bill Streicher-Imagn Images) Veteran guard Kyle Lowry, who spent parts of the last two seasons playing in his hometown...
(Photo credit: Bob DeChiara-Imagn Images) The Heat, Clippers and Jazz completed a deal on Monday that sent John Collins to Los Angeles,...