China’s Sinopec set to delist from London Stock Exchange just a month after its decision to exit New York
- Sinopec to delist from London on November 1, citing low ADS trading volume and administrative burden
- Chinese video-sharing services provider Bilibili’s primary listing status on Hong Kong stock exchange is effective from Monday
The move comes just a month after Sinopec filed an application to delist from the New York Stock Exchange.
The world’s largest oil refiner said in an exchange filing that the delisting of its American depositary shares (ADS) will take effect on November 1. The company said the decision to delist was based on several comprehensive considerations and that the board had approved the plan.
Sinopec said that it took the decision to delist because of the small volume of the underlying H shares relative to its outstanding ADSs, minimal trading volume of its ADSs on the LSE in contrast to its global total, and the administrative burden of maintaining the listing.
The move came as the UK economy is facing headwinds from a slumping British pound, which hit a record low last week.
