REG - China Pet &Chem Corp - INTENTION TO DELIST ADSs FROM THE NYSE

China Petroleum & ChemicalAnnouncement

12/08/2022 10:30

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RNS Number : 8686V  China Petroleum & Chemical Corp  12 August 2022

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong
Limited take no responsibility for the contents of this announcement, make no
representation as to its accuracy or completeness and expressly disclaim any
liability whatsoever for any loss howsoever arising from or in reliance upon
the whole or any part of the contents of this announcement.

 

 

 

ANNOUNCEMENT OF INTENTION TO

DELIST AMERICAN DEPOSITARY SHARES FROM THE NEW YORK STOCK EXCHANGE

 

China Petroleum & Chemical Corporation (the "Company") has notified the
New York Stock Exchange ("NYSE") on 12 August 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 the 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 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 29 August 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 the Rules Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited (the "Listing Rules") or other applicable laws.

 

The Company will continue to comply with its disclosure obligations under the
Listing Rules and maintain smooth communication with investors.

 

 By order of the Board
 China Petroleum & Chemical Corporation
 Huang Wensheng
 Vice President, Secretary to the Board of Directors

 

Beijing, the PRC

12 August 2022

As of the date of this announcement, directors of the Company are: Ma
Yongsheng*, Zhao Dong*, Yu Baocai(#), Ling Yiqun(#), Li Yonglin(#), Liu
Hongbin(#), Cai Hongbin(+), Ng, Kar Ling Johnny(+), Shi Dan(+) and Bi
Mingjian(+).

(#)           Executive Director

(*)           Non-executive Director

(+)          Independent Non-executive Director

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