China's largest chipmaker SMIC to delist from NYSE

2020-09-27 11:11:39CGTN Editor : Feng Shuang ECNS App Download

China's largest chipmaker Semiconductor Manufacturing International Corp. (SMIC) plans to voluntarily delist from the New York Stock Exchange (NYSE), according to a filing published on Friday.

SMIC said it had notified the NYSE of its intention to apply on June 3 to delist its American depositary receipts (ADRs) from the bourse.

The company attributed the move to the limited trading volume of its ADRs relative to its worldwide trading volume, and "significant administrative burden and costs" around the listing.

SMIC's last trading day on the NYSE will be around June 13, the company said. SMIC debuted in Hong Kong and New York in March 2004.

The company said it will focus on its existing Hong Kong listing going forward but there will be trading options for those holding U.S-based ADRs.

SMIC's shares dropped four percent in Hong Kong on Friday.


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