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AP National Business

Three Chinese corporate giants leaving NY stock exchange

KVIA
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Published 4:49 AM

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Three state-owned Chinese corporate giants say they will remove their shares from the New York Stock Exchange amid a dispute between Washington and Beijing over whether U.S. regulators can see records of their auditors. PetroChina Ltd., China Life Insurance Ltd. and China Petroleum & Chemical Co. cited the small trading volume of their shares in New York. The shares still would be traded in Hong Kong, which is open to non-Chinese investors. None mentioned the auditing dispute. The announcement adds to moves seen by some as a disengagement between the United States and China, the two biggest global economies, due to tensions over technology and security.

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