Chinese vehicle manufacturer, Brilliance, is removing itself from the New York stock exchange (NYSE).
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Brilliance has been represented on the NYSE since 1992 and was one of the first Chinese manufacturers to seek a listing on an overseas exchange.
The reason cited for the removal was falling volumes and growing administrative costs, according to the China Daily newspaper.
Shares will continue to be traded on the Hong Kong stock exchange, and the company will consider returning to the Shanghai exchange, whose index has grown 40% this year.
The German press agency reported that observers consider Brilliance’s withdrawal as understandable given its regular lack of profits and its inability to attract interest from American investors.
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By GlobalDataBrilliance, which has a joint venture with BMW in Shenyang, increased its sales by 58% in the first half of this year to 146,000 vehicles, of which 15,165 were BMW cars. But last year the company recorded a loss of 398m yuan (EU39m euros), down from 650m yuan (EUR65m) in 2005.
Brilliance builds Zhongua branded cars and Jinbei light trucks. The Brilliance B6 recently went on sale in Europe but performed terribly in an ADAC crash test, causing Belgian buyers to be offered their money back. A revised BS6 is expected to be subjected to the ADAC test at the end of July.
