GUANGZHOU, China, Jan. 13,
2023 /PRNewswire/ -- China Southern Airlines Company
Limited (the "Company") (NYSE: ZNH; HKSE: 01055; SSE: 600029)
announces today that the Company has notified the New York Stock
Exchange (the "NYSE") on January 13, 2023
(Eastern Time in the U.S.) that it will apply for the
voluntary delisting of its American depositary shares ("ADSs") from
the NYSE and the deregistration of such ADSs and underlying
overseas listed shares (the "H Shares") under the U.S. Securities
Exchange Act of 1934, as amended (the "Exchange Act"), due to a
number of considerations, including the limited trading volume of
its ADSs relative to the worldwide trading volume of its H Shares,
the fact that the Company has never conducted a follow-on financing
of securities listed on the NYSE since the listing of its ADSs on
the NYSE, while The Stock Exchange of Hong Kong Limited (the "Hong
Kong Stock Exchange") and the Shanghai Stock Exchange are strong
alternatives for the Company because they can satisfy the Company's
fundraising requirements necessary for its normal business
operations, and the considerable costs of maintaining the listing
of the ADSs on the NYSE, the registration of the ADSs and the
underlying H Shares under the Exchange Act and complying with the
periodic reporting requirements, internal control requirements and
related obligations of the Exchange Act.
The Company intends to file a Form 25 with the United States
Securities and Exchange Commission (the "SEC") on or after
January 23, 2023 to delist its ADSs
from the NYSE. The delisting of the ADSs from the NYSE is expected
to become effective ten days thereafter. The last day of trading of
the ADSs on the NYSE is expected to be on or after February 2, 2023. From and after that date, the
ADSs of the Company will no longer be listed and traded on the
NYSE.
Once the delisting has become effective and the criteria for
deregistration have been satisfied, the Company intends to file a
Form 15F with the SEC to deregister the ADSs and the underlying H
Shares under the Exchange Act. Thereafter, all of the Company's
reporting obligations under the Exchange Act will be suspended
unless the Form 15F is subsequently withdrawn or denied.
Deregistration and termination of the Company's reporting
obligations under the Exchange Act are expected to become effective
90 days after its filing of Form 15F. Once the Form 15F is filed,
the Company will publish the information required under Rule
12g3-2(b) of the Exchange Act on its website, https://www.csair.com.
The Company intends to terminate its ADS program after delisting
its ADSs from the NYSE in due course in accordance with the deposit
agreement. The Company does not intend to seek a listing or
registration on a national securities exchange in the U.S. or
quotation of the H Shares in the U.S. after the termination of its
ADS program and the deregistration of its ADSs and the underlying H
Shares. H Shares of the Company will continue to be traded on the
Hong Kong Stock Exchange. The Company will continue to comply with
its information disclosure and other obligations as a listed issuer
under the relevant rules of the Hong Kong Stock Exchange and the
Shanghai Stock Exchange as well as other applicable laws and
regulations.
The Company reserves its rights in all respects, for any reason,
to delay or withdraw the aforementioned filings prior to their
effectiveness and will issue any further announcement if required
under the listing rules or other applicable laws and
regulations.
For further information, please visit the Company website:
https://www.csair.com.
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SOURCE China Southern Airlines Corporation Limited