5/24, 3:55 PM (Source: TeleTrader)
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Chinese chipmaker to delist from NYSE amid trade war

China's largest semiconductor manufacturer, Semiconductor Manufacturing International Corp (SMIC), is withdrawing from the New York Stock Exchange as the trade war between the United States and China continues.

The company said on Friday it would apply for a withdrawal from the NYSE on June 3 over costs associated with maintaining the listing and reporting compliance issues.

The trade dispute between Washington and Beijing escalated after US President Donald Trump decided to blacklist Chinese tech giant Huawei. The company "is deeply tied not only to China but to the Chinese communist party," US Secretary of State Mike Pompeo said earlier.

Breaking the News / JC