The largest Chinese contract chip manufacturer Semiconductor Manufacturing International Corp. (SMIC) is leaving the New York Stock Exchange (NYSE) as the trade war between the US and Beijing spills over into the technology sector.
SMIC said late Friday that it has notified the NYSE of its intention to apply on June 3 to delist its American Depositary Receipts (ADRs) from the NYSE.
SMIC cited "a number of reasons" for the move, including limited trading volume of its American depositary shares (ADS) on the exchange compared to trading volume globally. SMIC also attributed its departure from the New York Stock Exchange to the significant administrative burden and high costs of securing a listing, complying with periodic reporting requirements and related obligations.
According to the company's statement, the board of directors has already approved the move, although SMIC will also need permission from the US Securities and Exchange Commission (SEC) to implement its plan.
Its last trading day on the NYSE will be June 13, a company spokesman said. SMIC debuted on the Hong Kong and New York exchanges in March 2004.
Trading in SMIC's securities following the U.S. delisting will be primarily focused on the Hong Kong Stock Exchange, the company said.
Source: 3dnews.ru