China’s biggest maker of semiconductors is to withdraw from the New York Stock Exchange, bringing to an end its 15-year listing in the US, 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 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 high 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. The board has already approved the proposal, it said, though SMIC will require permission from the Securities and Exchange Commission (SEC) too.
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