Semiconductor leader Semiconductor Manufacturing International (SMIC) of mainland China announced on the Hong Kong Stock Exchange on January 31 that the company was notified by OTC Markets Group, the operator of the OTCQX, the U.S. over-the-counter securities exchange, that SMIC’s American Depositary Shares have been withdrawn from the OTCQX market.
OTCQX is the U.S. over-the-counter securities exchange on which SMIC’s U.S. issued depositary receipts (ADRs) were quoted and traded on the OTCQX platform following the company’s delisting from the NYSE in 2019.
SMIC’s filing indicates that the effective date of the withdrawal is before the market opens on Feb. 1, EST. SMIC was notified by OTC Markets Group in early January of this year that the group removed SMIC’s ADRs pursuant to an executive order issued by the President of the United States on November 12 of last year.
In a separate filing, SMIC said that due to the fact that the company’s ADRs in a program represent less than 0.3% of the company’s share capital and due to low participation, the company has decided to terminate the program, with the effective date of termination being March 4.
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