HUANENG POWER INTERNATIONAL, INC. Announcement of Intention to Delist American Depositary Shares from the New York Stock Exchange
Huaneng Power International, Inc. (HNP) announced its intention to voluntarily delist its American depositary shares (ADSs) from the New York Stock Exchange (NYSE) and deregister underlying shares under the U.S. Securities Exchange Act. This decision, approved by the board, is based on low trading volume and high administrative costs associated with NYSE listing. The Company plans to file Form 25 on June 27, 2022, with delisting effective around July 7, 2022. Post-delist, HNP will focus on its operations under Hong Kong regulations and intends to terminate its ADS program.
- Decision to delist from NYSE reduces administrative costs and burdens on HNP.
- Focus on underlying H Shares could streamline operations.
- Limited trading volume of ADSs indicates reduced investor interest.
- Voluntary delisting may diminish visibility and liquidity of HNP in the U.S. market.
And Intention to Deregister and Terminate Reporting Obligations under the U.S. Securities Exchange Act
BEIJING, June 17, 2022 /PRNewswire/ -- Huaneng Power International, Inc. ("HPI", or the "Company") (NYSE: HNP; HKEx: 902; SSE: 600011) today announced that the Company has notified the New York Stock Exchange ("NYSE") on June 17, 2022 (Eastern Time in the U.S.) that it will apply for the voluntary delisting of its American depositary shares ("ADSs") from the NYSE and the deregistration of such ADSs and underlying overseas listed shares, par value RMB1.00 per share (the "H Shares"), 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 and the deregistration of such ADSs and the underlying H Shares under the Exchange Act due to a number of considerations, including the limited trading volume of its ADSs relative to the worldwide trading volume of its H Shares, and the considerable administrative burden and costs 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.
As such, the Company intends to file a Form 25 with the SEC on or about June 27, 2022 to de-list its ADSs from the NYSE. The delisting of the ADSs from the NYSE is expected to become effective ten days thereafter. The last day of trading of the ADSs on the NYSE will be on or about July 7, 2022. From and after that, the Company will no longer list its ADSs on the NYSE.
Once the delisting has become effective and the Company has met the criteria for deregistration, the Company intends to file a Form 15F with the SEC on or about July 7, 2022 to deregister the underlying H Shares under the Exchange Act. Thereafter, all of the Company's reporting obligations under the Exchange Act will be suspended unless the Form 15F is subsequently withdrawn or denied. Deregistration with the SEC and termination of the Company's reporting obligations under the Exchange Act are expected to become effective 90 days after its filing of Form 15F with the SEC. Once the Form 15F is filed, the Company will publish the information required under Rule 12g3-2(b) of the Exchange Act on its website, https://www.hpi.com.cn/sites/english/announcementH/publish.aspx. The Company will also continue to comply with its financial reporting and other obligations as a listed-issuer under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules").
The Company intends to terminate its ADS program after delisting its ADSs from the NYSE and the deregistration of the underlying H Shares in due course in accordance with the deposit agreement.
The Company reserves its rights in all respects to delay or withdraw the aforementioned filings prior to their effectiveness and will issue any further announcement if required under the Listing Rules or other applicable laws.
About Huaneng Power International, Inc.
Huaneng Power International, Inc. is one of China's largest listed power producers with controlled generation capacity of 121,118 MW and equity-based generation capacity of 108,588 MW. The power plants of the Company are located in 26 provinces, autonomous regions and municipalities in China. The Company also has a wholly-owned power company in Singapore, and an invested power company in Pakistan.
CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release may contain, in addition to historical information, "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 and Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. These forward- looking statements are based on the Company's current assumptions, expectations and projections about future events. The Company uses words like "believe," "anticipate," "intend," "estimate," "expect," "project" and similar expressions to identify forward looking statements, although not all forward-looking statements contain these words. These forward-looking statements are necessarily estimates reflecting judgment of the Company's senior management and involve significant risks, both known and unknown, uncertainties and other factors that may cause the Company's actual performance, financial condition or results of operations to be materially different from those suggested by the forward-looking statements. Except as required by law, the Company undertakes no obligation and does not intend to update any forward-looking statement, whether as a result of new information, future events or otherwise.
For enquiries, please contact:
Huaneng Power International, Inc.
Mr. Chen Zhelu / Ms. Liu Tianyu
Tel: (8610) 6322 6554 / 6322 6595
Fax: (8610) 6322 6888
Email: zqb@hpi.com.cn
Wonderful Sky Financial Group Limited
Ms. Ketrina Yang / Ms. Hester Li
Tel: (852) 3970 2239
Fax: (852) 3102 0210
Email: hpi@wsfg.hk
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SOURCE HUANENG POWER INTERNATIONAL, INC.
FAQ
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