Update on PetroChina ADS Termination

On Aug 12, 2022 Chinese state-owned oil major PetroChina Company Limited (PTR) announced plans to delist its ADS from the NYSE. The depository BNY Mellon has published the termination notice. According to this notice, the ADR will be terminated effective Monday, Oct 17, 2022. An excerpt from the notice:

Under the terms of the Deposit Agreement, you have until at least Friday, October 20, 2023, to surrender your PetroChina ADRs for delivery of the H shares. If you surrender ADRs for delivery of the H shares, you must pay a cable fee of $17.50, a cancellation fee of up to $5.00 per 100 ADSs surrendered, and any applicable U.S. or local taxes or governmental charges. Payment should be made payable to The Bank of New York Mellon.

Subsequent to Friday, October 20, 2023, under the terms of the Deposit Agreement, the Depositary may attempt to sell the H shares. If the Depositary has sold the H shares, you must surrender your ADRs to obtain payment of the sale proceeds, net of the expenses of sale, any applicable U.S. or local taxes or government charges and a cancellation fee of up to $0.05 per ADS.

To surrender your ADRs, the address of the Depositary is: The Bank of New York Mellon, 240 Greenwich Street, Depositary Receipts Division – 8th Floor, Attention: Cancellation Desk, New York, NY 10286. Registered or overnight mail is the suggested method of delivering DRs to the Depositary.

Source: BNY Mellon

PertoChina H shares trade on the Hong Kong Stock Exchange under the ticker 0857.HK.

Earlier:

Disclosure: No positions

5 Comments

  1. sorry posted earlier in wrong thread
    hi Guys,
    I have PTR (Petro China) shares in TD Ameritrade. They turned inactive, when I did a bit of digging it turns out they are delisted and are in the process of converting to H shares (Hongkong?) .
    TDAmeritrade told me that they will not do anything with those PTR ADR and I would need to go to another broker and see if they can assist in the conversion process to H shares. Can anyone let me know which broker assists in the conversion of PTR (not PTRCY) to H Shares and then help me in liquidating it.

  2. Buenas tardes yo estoy en el mismo caso ,en mi lugar es bankinter .
    BNY MELLON es el depositario y es al que hay que acudir para hacer dicha conversion .
    Lo que desconozco es el procedimiento y si posteriormente hay algun broker que gestione la venta.
    Pediria porfavor si alguno dispone de mejor informacion que me la haga saber ,gracias.
    jcjjorge@gmail.com

  3. Good afternoon, I am in the same case, in my place it is bankinter.
    BNY MELLON is the depositary and is the one to go to to make said conversion.
    What I don’t know is the procedure and if later there is a broker that manages the sale.
    Please, if anyone has better information, let me know, thank you.
    jcjjorge@gmail.com

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