Beijing - (AFP) - Five Chinese companies , including two of the country's largest oil groups, announced their withdrawal from the New York Stock Exchange on Friday.

Sinopec and PetroChina - one of the largest energy groups in the world - said in separate statements that they would apply for a "voluntary withdrawal" from the US financial market.

Similar announcements were made by the Chinese aluminum company "Chalco", "China Life" and a branch of Sinopec based in Shanghai.

A law passed in 2020 by the US Congress requires any company listed in the United States to obtain certification of its accounts by a company accredited by the Independent Accounting Organization.

In the event of non-compliance with the legislation, the companies face the risk of deregistration starting from 2024. In this context, the five companies announced their decision to withdraw.

It justified its decision by the cost associated with maintaining the registration in the United States as well as the burden of complying with audit obligations.
The five groups are on the list of companies ordered by the US Market Regulatory Authority to comply with the imposed accounting obligations and were essentially threatened with expulsion from the New York Stock Exchange.