The Securities Commission has granted an order for CNOOC Limited to cease being a reporting issuer in Canada. This decision is based on the application submitted by CNOOC Limited, which is governed by Hong Kong laws and was a reporting issuer in Alberta and Ontario. The company’s American Depository Receipts (ADRs) were previously listed on both the New York Stock Exchange and the Toronto Stock Exchange but were delisted from these exchanges in October and December 2021, respectively.
The Commission’s decision follows an assessment of the company’s securityholder base, which revealed that Canadian residents held less than 2% of the company’s outstanding securities and comprised less than 2% of the total number of securityholders worldwide. CNOOC Limited has not engaged in activities that would indicate a market for its securities in Canada over the past 12 months, aside from the TSX listing prior to delisting.
CNOOC Limited has committed to providing Canadian securityholders with all necessary disclosures required under Hong Kong law and the rules of the Hong Kong Stock Exchange, which is recognized as a designated foreign jurisdiction.
The decision was made under the authority of the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 1(10)(a)(ii), and is in line with the National Policy 11-206 Process for Cease to be a Reporting Issuer Applications. The Alberta Securities Commission served as the principal regulator for the application, and the order reflects the decision of both the Alberta and Ontario securities regulatory authorities.