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China Petroleum & Chemical Corporation (Sinopec), the world's largest oil and gas conglomerate, announced it will exit the London Stock Exchange (LSE) on Nov. 1. Sinopec’s exit from the UK financial market and return to Hong Kong is suspected to be an attempt by the Chinese Communist Party (CCP) to attract foreign capital with high-quality assets to promote the internationalization of the Chinese yuan and to strengthen Hong Kong’s financial position.
Sinopec announced on Oct. 3 that it had applied for the withdrawal of its American Depositary Shares (ADS) from the UK financial market effective from Nov. 1. Sinopec also said that if the depositary agreement is terminated, current holders of the depositary shares will be able to continue to hold the depositary shares until the date set in the depositary agreement, or they can choose to exchange the depositary shares for corresponding H shares, also known as Chinese state-owned enterprise shares, which are shares of companies incorporated in mainland China but traded on the Hong Kong Stock Exchange (HKEX). In early July, Chinese state media reported that Hong Kong continues to be the top choice for listing Chinese companies amid increasing uncertainty about their listings in the United States....