China Life Insurance Company Limited
On August 12, 2022, China Life Insurance Company Limited (NYSE: LFC) announced its decision to voluntarily delist its American depositary shares (ADSs) from the NYSE. This move is driven by the low trading volume of its ADSs compared to the global trading volume of its H Shares and the high administrative costs associated with maintaining the listing. The Company plans to file a Form 25 with the SEC after August 22, 2022, with the last trading day expected on or after September 1, 2022. Following the delisting, China Life will terminate its ADS program and will not seek future listings in the U.S.
- Decision to delist could reduce administrative costs related to NYSE compliance.
- Focus will be on trading H Shares on the Hong Kong Stock Exchange.
- Voluntary delisting may negatively impact liquidity and visibility in the U.S. market.
- Shareholders holding ADSs may face challenges in trading options.
BEIJING, Aug. 12, 2022 /PRNewswire/ -- China Life Insurance Company Limited (the "Company") (NYSE: LFC; SSE: 601628; HKSE: 2628) announces today that the Company has notified the New York Stock Exchange (the "NYSE") on August 12, 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 (the "H Shares") under the U.S. Securities Exchange Act of 1934, as amended (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 costs of maintaining the listing of the ADSs on the NYSE, the registration of the ADSs and the underlying H Shares under the Exchange Act and complying with the periodic reporting requirements and related obligations of the Exchange Act.
The Company intends to file a Form 25 with the United States Securities and Exchange Commission (the "SEC") on or after August 22, 2022 to delist 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 is expected to be on or after September 1, 2022. From and after that date, the ADSs of the Company will no longer be listed and traded on the NYSE.
Once the delisting has become effective and the criteria for deregistration have been satisfied, the Company intends to file a Form 15F with the SEC to deregister the ADSs and 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 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. 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.e-chinalife.com.
The Company intends to terminate its ADS program after delisting its ADSs from the NYSE in due course in accordance with the deposit agreement. The Company does not intend to seek a listing or registration on a national securities exchange in the U.S. or quotation of the H Shares in the U.S. after the termination of its ADS program and the deregistration of its ADSs and the underlying H Shares. H Shares of the Company will continue to be traded on The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"). The Company will continue to comply with its information disclosure and other obligations as a listed issuer under the relevant rules of the Hong Kong Stock Exchange and the Shanghai Stock Exchange as well as other applicable laws and regulations.
The Company reserves its rights in all respects, for any reason, 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 and regulations.
View original content:https://www.prnewswire.com/news-releases/china-life-insurance-company-limited-301604914.html
SOURCE China Life
FAQ
Why is China Life Insurance Company (LFC) delisting from the NYSE?
When will the delisting of LFC's ADSs from the NYSE take effect?
What will happen to LFC's shares after delisting from the NYSE?
Will China Life Insurance Company continue to report to the SEC after delisting?
How will LFC's delisting affect ADS holders?
