CURRENT AFFAIRS

Detailed explanation-1: -Five major Chinese companies, including China Life Insurance Company, PetroChina Company Limited, China Petroleum & Chemical Corporation, Aluminum Corporation of China Limited, and Sinopec Shanghai Petrochemical Company Limited, recently indicated they will voluntarily delist from the New York Stock Exchange (NYSE).

Detailed explanation-2: -The determination diminishes the chances that companies including Alibaba Group Holding Ltd. and JD.com Inc. will be delisted in the US, though the PCAOB must be able to fully inspect audit work papers for at least three consecutive years before the companies’ American Depositary Receipts will be in the clear.

Detailed explanation-3: -Five Chinese companies listed on the New York Stock Exchange said they intend to delist their American depositary shares. The firms include China Life Insurance, PetroChina, China Petroleum & Chemical, Aluminum Corp. of China and Sinopec Shanghai Petrochemical.

Detailed explanation-4: -The United States had increased pressure by passing a law in December 2020 requiring Chinese companies listed in the US to open their books to audit watchdogs. If they failed to comply with the requirements for three straight years, they would be delisted.