China Petroleum & Chemical Corp. said it has applied to delist its American Depositary Shares from the London Stock Exchange, the latest move by a major Chinese state-owned company to scale down ADS activities amid the ongoing U.S.-China tensions.
The company, better known as Sinopec, said Monday that the delisting decision was based on factors including the small value, minimal trading volume, and the administrative burden of maintaining the shares' listing status.
The London delisting, expected to take effect on November 1, 2022, has come after Sinopec moved to delist its ADSs from New York in August.
"The Company will also consider whether to terminate its ADS programme in due course," it said.
Write to Yifan Wang at yifan.wang@wsj.com
