China Petroleum & Chemical Corporation Announces Intention to Delist American Depositary Shares from the New York Stock Exchange

Aug 12, 2022

NEW YORK, NY / ACCESSWIRE / August 12, 2022 / China Petroleum & Chemical Corporation ("Sinopec Corp." or the "Company") (NYSE:SNP, Financial)(HKEX:00386)(SSE:600028) announced today that the Company has notified the New York Stock Exchange ("NYSE") on August 12, 2022 (Eastern Time in the U.S., the same hereinafter) that it will apply for the voluntary delisting of its American depositary shares ("ADSs") from the NYSE under the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"). The board of directors of the Company approved the delisting of its ADSs from NYSE as well as the application for the deregistration of such ADSs and the underlying H Shares, where such application is subject to the Company satisfying the relevant requirements of the Exchange Act and depends on the relevant actual circumstances in the future. The determination of the board was based on several comprehensive considerations, including the small volume of the underlying H Shares of its outstanding ADSs compared to the total volume of its H Shares, the limited trading volume of its ADSs relative to the worldwide trading volume of its H Shares and the considerable administrative burden of maintaining the listing of the ADSs on the NYSE, the registration of the ADSs and the underlying H Shares with the United States Securities and Exchange Commission (the "SEC") and complying with the periodic reporting and related obligations of the Exchange Act in the long term.

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