Breaking: SMIC Announces Delisting from U.S. Stock Market

On the evening of the 24th, Semiconductor Manufacturing International Corporation (hereinafter referred to as "SMIC") announced that it will voluntarily apply to delist its American Depositary Shares (ADS) from the New York Stock Exchange in accordance with the U.S. Securities Exchange Act of 1934 (as amended) and deregister these ADS and the related ordinary shares.

SMIC pointed out that due to several considerations, including the limited trading volume of its ADS relative to its global trading volume, as well as the significant administrative burden and costs associated with maintaining the listing of ADS on the New York Stock Exchange and complying with the periodic reporting and related obligations under the Exchange Act, SMIC's board of directors approved the delisting of its ADS from the New York Stock Exchange and the deregistration of these ADS and related ordinary shares under the Exchange Act.

SMIC stated that it plans to submit Form 25 to the U.S. Securities and Exchange Commission around June 3, 2019, to delist its ADS from the New York Stock Exchange. The delisting is expected to take effect ten days after the submission of Form 25. The last trading date for SMIC's ADS on the New York Stock Exchange is expected to be around June 13, 2019. On and after that date, SMIC's ADS will no longer be listed on the New York Stock Exchange.

It is reported that SMIC (NYSE: SMI; HKEX: 981) is a Shanghai-based integrated circuit wafer foundry enterprise, offering wafer manufacturing and technical services across technology nodes ranging from 0.35 microns to 28 nanometers.

On the evening of May 24, domestic media inquired with relevant personnel at SMIC regarding the "voluntary delisting of ADS from the New York Stock Exchange." The representative informed the reporter that SMIC is not completely delisting from the U.S. stock market but is moving to the over-the-counter market, which will not affect trading.

Affected by this news, SMIC (NYSE: SMI) opened lower. As of the time of reporting, SMIC fell 4.64% to $5.24.

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