REG - China Pet &Chem Corp - Statement re Intention to Delist ADSs from the LSE

China Petroleum & ChemicalAnnouncement

03/10/2022 07:01

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RNS Number : 4581B  China Petroleum & Chemical Corp  03 October 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.

 

 

 

(a joint stock limited company incorporated in the People's Republic of China
with limited liability)

(Stock Code: 00386)

 

Announcement of Intention to Delist American Depositary Shares

from the London Stock Exchange

 

China Petroleum & Chemical Corporation (the "Company") announces today
that it has applied for the cancellation of the listing of its American
Depositary Shares (ISIN: US16941R1086) (the "ADSs") as global depositary
receipts on the standard listing segment of the Official List of the Financial
Conduct Authority (the "Standard Segment") and of trading on the Main Market
("Main Market") of the London Stock Exchange plc (the "LSE") (the
"Delisting"). Each ADS represents 100 H Shares of CNY1.00 each of the Company.

The board of directors of the Company approved the Delisting of its ADSs from
the LSE 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 minimal trading volume of its ADSs on the
LSE relative to the worldwide trading volume of its H Shares and the
administrative burden of maintaining the listing of the ADSs on the Standard
Segment and the LSE.

The Delisting is intended to take effect on or around 8:00 a.m. on 1 November
2022 (London time), and so the last day of trading of the ADSs on the Main
Market of the LSE will be 31 October 2022 (London time).

The Company announced on 12 August 2022 the intended delisting of its ADSs
from the New York Stock Exchange (the "NYSE") and filed a Form 25 with the
U.S. Securities and Exchange Commission on 29 August 2022 to delist its ADSs
from the NYSE which has taken effect. The Company may seek to deregister the
Company's ADSs and underlying H Shares under the U.S. Securities Exchange Act
of 1934, as amended (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 are met.
The Company will also consider whether to terminate its ADS programme in due
course in accordance with the deposit agreement based on the relevant actual
circumstances.

Since 9 September 2022, the Company has suspended the issuance of any further
ADSs. However, current ADS holders will be able to continue to hold ADSs until
such date established pursuant to the deposit agreement, should the deposit
agreement be terminated. Alternatively, ADS holders may elect to surrender
their ADSs in exchange for the underlying H Shares.

Holders of the Company's H Shares will remain unaffected. The H Shares of the
Company, including the H Shares converted by the ADSs, will continue to trade
on The Stock Exchange of Hong Kong Limited (the "HKEX").

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 HKEX (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

3 October 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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