Now, the South China Morning Post is reporting that China's largest chipmaker is withdrawing its ADRs from the New York Stock Exchange, and will subsequently trade only in Hong Kong.
The company said 'low trading volumes' and the 'cost of maintaining the listing' motivated its decision.
China's biggest maker of semiconductors is to withdraw from the New York Stock Exchange as the increasingly ferocious trade war with the US spills over into the technology sector.
In a filing to the Hong Kong stock exchange, where its shares are listed, SMIC cited low trading volumes of its ADRs and the costs of maintaining the listing and complying with reporting requirements and related laws.
The delisting is expected to happen after June 13, and trading of the chip maker's US securities will shift to the over-the-counter market, the statement said.
The sudden move comes as Washington steps up efforts to cut off its technology from China, with trade negotiations between the world's two largest economies still deadlocked.
A growing number of sell-side strategists now see a protracted trade war as the 'base-case' scenario.
https://www.zerohedge.com/news/2019-05-24/chinas-largest-chipmaker-de-lists-nyse
The company said 'low trading volumes' and the 'cost of maintaining the listing' motivated its decision.
China's biggest maker of semiconductors is to withdraw from the New York Stock Exchange as the increasingly ferocious trade war with the US spills over into the technology sector.
In a filing to the Hong Kong stock exchange, where its shares are listed, SMIC cited low trading volumes of its ADRs and the costs of maintaining the listing and complying with reporting requirements and related laws.
The delisting is expected to happen after June 13, and trading of the chip maker's US securities will shift to the over-the-counter market, the statement said.
The sudden move comes as Washington steps up efforts to cut off its technology from China, with trade negotiations between the world's two largest economies still deadlocked.
A growing number of sell-side strategists now see a protracted trade war as the 'base-case' scenario.
https://www.zerohedge.com/news/2019-05-24/chinas-largest-chipmaker-de-lists-nyse
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