Likelihood of Bank of New York selling Petrochina H shares that underly delisted ADR shares?

I held petrochina shares in vanguard, they were delisted last october and I didn't pay attention. From my research and calling vanguard it seems there are 2 options:

  1. Transfer the ADR shares to H shares in a 3rd party brokerage and do an OTC trade
  2. Wait to see if Bank of New York sells the H shares and provides the proceeds to ADP shareholders (aka cash shows up in my vanguard account)
  • Alternatively: they don't, and I have shares stuck in limbo for life!

Obviously I want to avoid the situation where I have shares stuck in limbo for life, but I also don't want to have to go through all this work to setup a new brokerage account and convert the shares and jump through all these hoops just to get $5k of petrochina stock (or whatever it would be after paying all the fees).

So I'm leaning towards just do nothing, but I'm curious: how likely would it be for Bank of new York to NOT attempt to sell the H shares? I'm guessing that there is a lot of pressure on them to cash out american shareholders, but perhaps the institutions that have actual large amounts have already made alternative arrangements to liquidate their shares and it's just lazy retail investors like me who are going to lose all their $?

Here's the statement I'm referring to:

The Bank of New York (the “Depositary”) announced it will terminate the Deposit Agreement among
PetroChina Company Limited (PTRCY), the Depositary, and Owners and Holders of PTRCY ADRs. The
termination will become effective at 5:00 PM (Eastern Time) on Monday, October 17, 2022.
PTRCY ADR holders have until at least Friday, October 20, 2023, to surrender their PTRCY ADRs for
delivery of PetroChina Company Limited H shares, which underlie the ADRs. PTRCY ADR holders who
surrender their ADRs for the underlying shares will be required to pay a cable fee of $17.50, a cancellation fee of up to $5.00 per 100 ADRs surrendered, and any applicable U.S. or local taxes or governmental charges.

Subsequent to Friday, October 20, 2023, the Depositary may attempt to sell the H shares that underlie
any remaining ADRs not surrendered. If the Depositary sell such shares, shareholders must surrender
their ADRs to obtain payment of the sale proceeds, net of the expenses of sale, withholdings, and a
cancellation fee of up to $0.05 per ADS.

PetroChina Company Limited ADRs were delisted from the New York Stock Exchange (“NYSE”) and
started trading OTC under the trading symbol PTRCY on September 9, 2022.

submitted by /u/Identity525600
[link] [comments] https://www.reddit.com/r/stocks/comments/13xmoix/likelihood_of_bank_of_new_york_selling_petrochina/
Created 2y | Jun 1, 2023, 6:22:15 PM


Login to add comment

Other posts in this group

Rate My Portfolio - r/Stocks Quarterly Thread September 2023

Please use this thread to discuss your portfolio, learn of other stock tickers, and help out users by giving constructive criticism.

Why quarterly? Public comp

Oct 21, 2023, 1:20:16 AM | reddit stocks
Tax planning when selling one stock to buy another stock?

When you sell a stock to buy another stock, do you prefer to set the estimated amount of the capital gains taxes aside in a money market or do you think it better to

Oct 18, 2023, 6:20:11 AM | reddit stocks
Retirement Planning's-3 stocks could help power your investment portfolio and make you wealthier by retirement.

Saving for retirement is crucial, but relying solely on a 401(k) might not be enough due to high inflation. Consider investing in growth stocks, especially in the tec

Oct 18, 2023, 1:51:00 AM | reddit stocks
r/Stocks Daily Discussion Monday - Oct 16, 2023

These daily discussions run from Monday to Friday including during our themed posts.

Some helpful links:

Oct 18, 2023, 1:50:58 AM | reddit stocks
Discovery Financial Services (DFS). Any good ?

I’m think this is not a good investment as there is no chatter at all on the 52 week low. They are involved in a class action lawsuits by investors and credit card co

Oct 18, 2023, 1:50:56 AM | reddit stocks
Tax implications of selling one etf for a dividend etf?

Sorry if this is the wrong sub. Let’s say I had $1 million in VOO but I wanted to sell half of it to buy SCHD. It would suck to pay taxes on $500k. So how would you g

Oct 18, 2023, 1:50:53 AM | reddit stocks
Crocs Stock Analysis (CROX)

Hey guys, I did a deep dive into Crocs. In this analysis, I will do a brief breakdown of the company and go over some quantitative data, qualitative data and estimate

Oct 18, 2023, 1:50:51 AM | reddit stocks