The board of directors of China Life Insurance Company Limited has announced that the Company will apply for the voluntary delisting of its American depositary shares (ADSs) from the New York Stock Exchange (NYSE). Further, the deregistration of such ADSs and underlying overseas listed shares (the H Shares), under the U.S. Securities Exchange Act of 1934, will also take place.
The delisting, as per the company, is after taking into account a number of considerations, including the limited trading volume of its ADSs relative to the worldwide trading volume of its H Shares, and the considerable administrative costs of maintaining the listing of the ADSs on the NYSE, the registration of the ADSs and the underlying H Shares under the Exchange Act and complying with the periodic reporting requirements and related obligations of the Exchange Act.
As of the date of this announcement (August 12, 2022), the Company has notified the NYSE and the company intends to file a Form 25 with the United States Securities and Exchange Commission (SEC) on or after 22 August 2022 to delist its ADSs from the NYSE.
The delisting of the ADSs from the NYSE is expected to become effective 10 days thereafter. The last day of trading of the ADSs on the NYSE is expected to be on or after 1 September 2022. From and after that date, the ADSs of the Company will no longer be listed and traded on the NYSE.
Once the delisting has become effective and the criteria for deregistration have been satisfied, the Company intends to file a Form 15F with the SEC to deregister the ADSs and the underlying H Shares under the Exchange Act.
Thereafter, all of the Company’s reporting obligations under the Exchange Act will be suspended unless Form 15F is subsequently withdrawn or denied.
H Shares of the Company will continue to be traded on The Stock Exchange of Hong Kong Limited, Hong Kong Stock Exchange. The Company will continue to comply with its information disclosure and other obligations as a listed issuer under the relevant rules of the Hong Kong Stock Exchange and the Shanghai Stock Exchange as well as other applicable laws and regulations.
According to agencies report, China Life Insurance Co., PetroChina Co. and China Petroleum & Chemical Corp. all disclosed their intentions to delist in statements published in quick succession on Friday.