On the evening of January 10, SMIC announced that the company was informed by OTC markets group, the operator of otcqx market, and its regulatory authorities informed OTC markets group that they had changed their position on the effective date of the administrative order and now allowed the company's securities trading to continue until February 1, 2021.
OTC markets group has canceled its procedure for removing corporate securities (smicy, siuif) and plans to resume trading between smicy and siuif on otcqx before the market opens on January 11.
Earlier on the evening of January 6, SMIC announced that it had received the notice from OTC markets group that according to the administrative order and relevant regulatory guidelines, the company would be withdrawn from the otcqx market at the end of trading on January 6, and the company's securities (siuif, smicy) would no longer be qualified to quote or trade on OTC link ATS.
It is understood that otcqx is the financial market for OTC securities in the United States. After SMIC delisted from the New York Stock Exchange in 2019, the company's shares of American depository receipts were traded in the otcqx market.
On December 4 last year, SMIC announced that the company was listed in the list of Chinese military related enterprises by the US Department of defense. After the company is listed in the list of China's military related enterprises, American people will be restricted from trading in the securities and related derivatives issued by SMIC International: 60 days from December 4, 2020 Beijing time, American people can't buy the company's securities; 365 days later, American people can't trade the company's securities.