SMIC delisting in the United States
Original title: what happened to SMIC's delisting in the United States? Why did SMIC delist in the United States? Today, the news of "SMIC delisting in the United States" spread on the Internet and attracted the attention of many people. Everyone wants to know what is the reason for SMIC delisting in the United States? This article brings you the reasons behind SMIC's delisting in the United States and the information introduction of SMIC. Let's have a look.
According to Zhongxin Jingwei, on the evening of the 24th, SMIC international integrated circuit manufacturing Co., Ltd. (hereinafter referred to as "SMIC international") announced that it would apply for voluntary delisting of its American depositary Securities shares from the New York Stock Exchange in accordance with the U.S. Securities and exchange act of 1934 (as amended), and revoke the registration of such American depositary Securities shares and related common shares.
SMIC pointed out that due to a number of considerations, including the limited trading volume of SMIC's American depositary shares compared with its global trading volume, and the significant administrative burden and cost involved in maintaining the periodic reporting and related obligations of American depositary shares listed on the New York Stock Exchange, registered with the U.S. Securities and exchange Commission and complying with the trading law, SMIC's board of directors approved the delisting of American depositary shares from the New York Stock Exchange and the deregistration of such American Depositary Shares and related common shares in accordance with the trading law.
SMIC indicated that SMIC intends to submit form 25 to the US Securities and exchange on or around June 3, 2019 to delist its American depositary Securities shares from the New York Stock Exchange. The delisting of ADSS shares from the New York Stock Exchange is expected to take effect 10 days after the filing of form 25. The last date for trading ADSS shares on the New York Stock Exchange is on or around June 13, 2019. On and from that date, SMIC's ADSS shares will no longer be listed on the New York Stock Exchange.
It is reported that SMIC International (New York Stock Exchange: SMI; stock exchange of Hong Kong: 981) is an integrated circuit wafer foundry enterprise headquartered in Shanghai, China, providing wafer foundry and technical services for different technology nodes from 0.35 micron to 28 nm.
On the evening of May 24, the domestic media asked SMIC about the "voluntary delisting of American depositary Securities shares from the New York Stock Exchange". The other party told reporters that SMIC did not delist completely from US stocks, but withdrew to the OTC market, which did not affect the transaction.
Affected by this news, SMIC International (NYSE: SMI) opened low. As of press time, SMIC fell 4.64% to $5.24.