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China’s biggest chip maker, SMIC, to withdraw from New York Stock Exchange as trade spat with US spills over to tech sector
* The sudden move comes as Washington steps up efforts to cut off its technology from China

Zhang Shidong  
Published: 8:43pm, 24 May, 2019

China’s biggest maker of semiconductors is to withdraw from the New York Stock Exchange as the increasingly ferocious trade war with the US spills over into the technology sector.

Semiconductor Manufacturing International Corp (SMIC) said on Friday evening it has notified NYSE of its intention to apply on June 3 to delist its so-called American depositary receipts from the bourse. In a filing to the Hong Kong stock exchange, where its shares are listed, SMIC cited low trading volumes of its ADRs and the costs of maintaining the listing and complying with reporting requirements and related laws.

The delisting is expected to happen after June 13, and trading of the chip maker’s US securities will shift to the over-the-counter market, the statement said.

More details in
SMIC IPO will be listed on the Technology Star Board in Shanghai on Thursday July 16, 2020. Big Grin