Company aims to reduce complexity and costs. H Shares will
continue to trade on the Hong Kong Stock Exchange and in the US
over the counter as Level 1 ADRs
Financial reporting to be provided in accordance with SEC Rule
12g3-2(b)
NEW
YORK, Jan. 24, 2017
/PRNewswire/ -- Yanzhou Coal Mining Company Limited (the "Company")
(NYSE: YZC; HKSE: 1171) announced today
that it intends to delist its American Depositary Shares
("ADSs") representing the Company's H Shares from the New York
Stock Exchange ("NYSE") and to deregister and terminate its
reporting obligations with the Securities and Exchange Commission
("SEC"). The Company's Board of Directors approved the decision at
its meeting on January 24, 2017. The
Company expects the delisting to become effective on or about
February 16, 2017 following the close
of the market in New York
City.
The principal purpose of delisting is to reduce complexity in
financial reporting and administrative costs. In particular, the
Company's Board of Directors believes that the costs of compliance
with U.S. periodic reporting requirements and other obligations
arising out of its NYSE listing are no longer justifiable in light
of the thin level of trading in the ADSs. The Company remains
committed to serve its investor base in the U.S. and plans to
maintain an unlisted American Depositary Receipt program on a Level
I basis, which may enable investors to hold their H Shares in the
form of ADSs and to trade their ADSs in the United States in the over the counter
market. The Company's H Shares will continue to be traded on the
Hong Kong Stock Exchange.
Today, the Company will provide written notice to the NYSE of
its intent to delist. The Company plans to file the related Form 25
with the SEC on or about February 6,
2017 and expects delisting to become effective ten days
later. From and after that time the Company's ADSs will no longer
be traded on the NYSE.
Once the delisting has become effective and the Company meets
the criteria for deregistration, it intends to file Form 15F with
the SEC in order to terminate registration of the H Shares and the
ADSs representing the H Shares under the Securities Exchange Act of
1934, as amended (the "Exchange Act"). Deregistration is expected
to become effective 90 days after the filing of Form 15. While the
Company's deregistration application is pending, its reporting
obligations under the Exchange Act will be suspended and, upon
effectiveness of deregistration, such reporting obligations will
terminate.
The Company reserves the right, for any reason, to delay these
filings or to withdraw them prior to their effectiveness, and to
otherwise change its plans in this regard.
The Company will continue to make English translations of its
annual reports, financial statements, financial press releases and
the other information required by SEC Rule 12g3-2(b) available on
its website at www.yanzhoucoal.com.cn.
By order of the
Board
Yanzhou Coal Mining Company
Limited
Li
Xiyong
Chairman of the
Board
Zoucheng, Shandong Province,
the PRC
24 January, 2017
As at the date of this announcement, the directors of the
Company are Mr. Li Xiyong, Mr. Li
Wei, Mr. Wu Xiangqian, Mr. Wu Yuxiang, Mr. Zhao Qingchun,
Mr. Guo Dechun and Mr. Guo Jun, and
the independent non-executive directors of the Company are Mr. Wang
Lijie, Mr. Jia Shaohua, Mr. Wang
Xiaojun and Mr. Qi Anbang.
About the Company:
For more information, please contact:
Yanzhou Coal Mining Company Limited
Zhao Qingchun, Director
Tel: +86 537 538 3310
Address: 298 Fushan South Road, Zoucheng, Shandong Province, 273500 PRC
Certain statements contained in this announcement may be
regarded as forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, and as
defined in the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements involve inherent risks and
uncertainties that may cause the actual performance, financial
condition or results of operations of the Company and the
availability of a trading market for its securities to be
materially different from any future performance, financial
condition, results of operations or trading market implied by such
forward-looking statements. Further information regarding these
risks and uncertainties is included in the Company's filings with
the U.S. Securities and Exchange Commission. The forward-looking
statements included in this announcement represent the Company's
views as of the date of this announcement. Except as required by
law, the Company undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events. These forward-looking statements should not
be relied upon as representing the Company's views as of any date
subsequent to the date of this announcement.
Hong Kong Exchanges and Clearing Limited and The Stock
Exchange of Hong Kong Limited take no responsibility for the
contents of this announcement, make no representation as to its
accuracy or completeness and expressly disclaim any liability
whatsoever for any loss howsoever arising from or in reliance upon
the whole or any part of the contents of this announcement.
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SOURCE Yanzhou Coal Mining