NEW YORK, NY / ACCESSWIRE / August 12, 2022 / Sinopec Shanghai Petrochemical Company Limited (the "Company") (NYSE:SHI, Financial) (HKEX:00338) (SSE:600688) announced today that the Company notified the New York Stock Exchange (the "NYSE") on 12 August 2022 (eastern time of the United States) that it intends to voluntarily delist its American depositary shares (the "ADSs") representing Class H ordinary shares of the Company (the "H Shares") from the NYSE (the "Delisting") and, when the legal conditions are met, terminate its registration of such ADSs and the reporting obligations under the United States Securities Exchange Act of 1934, as amended (the "Exchange Act").
The decision of the Delisting is based upon a number of considerations including, the small number of underlying H shares represented by the ADSs issued by the Company relative to the total number of the Company's H Shares, the limited trading volume of the ADSs relative to the worldwide trading volume of the Company's H Shares and the considerable administrative burden and cost of maintaining the listing of the ADSs on the NYSE, the registration of the ADSs and the underlying H Shares with the U.S. Securities and Exchange Commission (the "SEC") and complying with the periodic reporting and other relevant obligations under the Exchange Act. The board of directors of the Company approved the Delisting and the deregistration of such ADSs and the underlying Class H Shares under the Exchange Act upon certain legal conditions being met.
Sinopec Shanghai Petrochemical Company Limited Announces Intention to Delist American Depositary Shares from the New York Stock Exchange and Intention to Deregister and Terminate Reporting Obligations
Aug 12, 2022
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