China Life Insurance has announced its intention to withdraw from the United States Securities and Exchange Commission (SEC) and cease its reporting duties under the US Securities Exchange Act of 1934, also known as the “Exchange Act.”
According to a news release, the company initiated this process by filing a Form 25 with the SEC on Aug. 22, 2022, to delist its American depositary shares (ADSs) from the New York Stock Exchange. This delisting took effect on Sept. 2, 2022. Subsequently, the American depositary receipt program was terminated on Nov. 11, 2022.
Having satisfied the criteria for deregistration, China Life is preparing to file a Form 15F with the SEC on Nov. 13, 2023. This filing will deregister the ADSs and the company's overseas listed shares thereby ending its reporting obligations under sections 13(a) and 15(d) of the Exchange Act.
Despite these changes in its US operations, the company said that it will maintain its compliance with the information disclosure and other obligations required of listed issuers under the rules of the Stock Exchange of Hong Kong and the Shanghai Stock Exchange, as well as other relevant laws and regulations.
Elsewhere in the country, China has recently taken a move that effectively allows insurance firms to make longer-term investment in shares, adding to a drumbeat of support measures to revitalise the country’s stock market.
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