The largest Chinese company intends to withdraw from the New York Stock Exchange
10:04 - 29/05/2019
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China's largest semiconductor company SMIC plans to withdraw its shares from the New York Stock Exchange (NYSE), with the company filing a delisting request from Nasdaq on June 3, according to its announcement last Friday, ending a 15-year span as a general technology company in the US market.
The company will leave the market 10 days after the application to the stock exchange, as it will focus on its presence on the Hong Kong Stock Exchange, taking into account that the company receives its support from the Chinese government and investors.
The company denied that the decision was due to any of the reasons due to the tension in the trade relations between the United States and China and the imposition of the embargo on many Chinese companies or Huawei's worsening crisis, but its decision was based on the volume of trading in light of the large administrative costs incurred. 25