The five largest Chinese companies China Life Insurance, PetroChina, China Petroleum \u0026 Chemical, Aluminum Corporation of China and Sinopec Shanghai Petrochemical announced their intention to delist their securities from the New York Stock Exchange (NYSE). The largest Chinese state-owned companies decided to leave the trading floor due to a dispute between China and the United States on the audit, Bloomberg reports..

The parties still cannot agree on whether the American Accounting Oversight Board (PCAOB) should review the audit documents of companies from the PRC.. There are only two jurisdictions in the world that prohibit the PCAOB from conducting relevant checks - mainland China and Hong Kong.. Local authorities attribute this to national security and privacy considerations.. If the US and China fail to reach an agreement on this issue, then about 300 Chinese companies will have to leave the US sites.. At the same time, 150 issuers are threatened with exclusion from quotation lists as early as 2023. The combined value of delisting candidates, including Alibaba and Baidu, exceeds $2.4 trillion.

In July, Jack Ma's company was on the list of issuers facing delisting.. Following this, Alibaba quotes collapsed on the New York Stock Exchange by 10%.. At the same time, the chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, doubted that countries would be able to agree on access to audit reports.. Even earlier, in May, the shareholders of the Chinese company DiDi, which owns one of the world's largest taxi service DiDi Chuxing, voted for its delisting from the NYSE after pressure from regulators..

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" Then DiDi marked out 317 million receipts at $14 per paper. Thus, a total of $4.4 billion was raised, which makes DiDi's IPO the largest debut of a Chinese company in the US since 2014, when Alibaba raised $25 billion..

Earlier it was reported that the United States is tightening controls on the export of semiconductors and technologies for gas turbine engines.. The US has taken new measures primarily to counter China so that new technologies do not fall into the hands of Beijing..