China State-Owned Airlines to Delist in New York, Joining Exodus
- China Eastern, China Southern name commercial reasons for exit
- Large state-backed Chinese firms left amid audit clash
A China Eastern Airlines Corp. aircraft at the Hongqiao International Airport in Shanghai, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Two of China’s largest state-owned airlines said they would give up their New York stock exchange listings, joining a raft of government controlled firms that announced their departures from US bourses last year.
China Eastern Airlines Corp. and China Southern Airlines Co. stated in separate filings on Friday their intentions to apply to voluntarily delist their American depositary shares listed on the New York Stock Exchange. The companies attributed the decision to commercial factors, including the costs of maintaining a US listing despite the smaller number of shares and trading volumes in the US relative to those in Hong Kong.