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Technology

NYSE to delist Longtop Financial ADRs, suspends trading

Aug 17 (Reuters) - The New York Stock Exchange said the American depository shares of Chinese software company Longtop Financial Technologies Ltd , which had been halted since May 17, will now be suspended prior to the opening of trade on Wednesday.

The exchange said in statement late on Tuesday it will delist the ADRs and file a Form 25 delisting application with the U.S. Securities and Exchange Commission.

The delisting will be effective 10 days after the Form 25 is filed, it said.

Last month, the exchange said it would start delisting proceedings against Longtop, which did not meet listing standards.

The NYSE decision comes after the company failed to appeal against the delisting.

On May 23, Longtop’s auditor quit and a U.S. regulator opened a related probe, deepening concern about possible accounting irregularities at the Chinese company. [ID: nL3E7GN1X1] (Reporting by Divya Sharma in Bangalore; Editing by Joyjeet Das) (divya.sharma@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: divya.sharma.reuters.com@reuters.net))

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