What's the matter with SMIC's delisting in the United States? Is it true that SMIC delisted in the United States? Many friends don't know. Let's take a look with 52z flying download.
What's the matter with SMIC's delisting in the United States
On the evening of the 24th, SMIC international integrated circuit manufacturing Co., Ltd. (hereinafter referred to as "SMIC international") announced that it would voluntarily apply for delisting its shares of American Depository Receipts (ADSS) from the New York Stock Exchange in accordance with the U.S. Securities and exchange act of 1934 (as amended), and cancel the registration of these ADSS shares and related common shares.
SMIC noted that due to a number of considerations, including the limited trading volume of SMIC's ADSS shares compared with its global trading volume, and the significant administrative burden and costs involved in maintaining the periodic reporting and related obligations of the ADSS shares listed on the New York Stock Exchange and registered with the securities and Exchange Commission and complying with the exchange act, SMIC's board of directors approved the delisting of the ADSS shares from the New York Stock Exchange and the deregistration of the ADSS shares and related common shares in accordance with the exchange act.
Reasons for SMIC's delisting in the United States
SMIC said it plans to file form 25 with the SEC on or about June 3, 2019 to delist its shares in American Depository securities 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 latest date for trading of ADSS shares on the New York Stock Exchange is June 13, 2019. On and after that date, SMIC's ADSS shares will no longer be listed on the New York Stock Exchange.
It is reported that SMI (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 inquired SMIC's relevant people about the matter of 'voluntarily delisting American Depository Receipt shares from the New York Stock Exchange'. The other side told reporters that SMIC did not completely delist from the US stock market, but withdrew to the OTC market, which did not affect the transaction.
Affected by the news, SMI opened lower. As of press, SMIC fell 4.64% to $5.24.