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China Life Terminates ADS Program Following NYSE Delisting

MT Newswires ·  {{timeTz}}

10:25 AM EDT, 09/02/2022 (MT Newswires) -- The voluntary delisting of China Life Insurance's (SHA:601628, HKG:2628) American depositary shares from the New York Stock Exchange took effect today, Sept. 2.

The number of outstanding ADS as of Sept. 1 was 24.4 million, equivalent to 122.04 million ordinary shares of China Life.

The insurer said it delivered a termination letter to Deutsche Bank, the depositary for the company's ADSs, for the cancelation of the ADS program. The bank scheduled a Nov. 11 termination of the program.

Holders of China Life's ADSs have until May 11, 2023, to exchange them for ordinary shares. Each ADS can be swapped into five Hong Kong shares of the company, according to a Friday disclosure.

China Life previously cited the limited trading volume of its ADSs and the "considerable administrative burden" and costs of maintaining a listing on the NYSE as reasons for the delisting.

Price (HKD): $0.11, Change: $+0.02, Percent Change: +19.15%

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