Some of China's largest state-owned firms will delist from the US market amid ongoing auditing battle between the 2 countries

PetroChina and Sinopec were among the Chinese companies that filed their intentions to delist from the New York Stock Exchange on Friday.

China Life Insurance, Sinopec, PetroChina, and Sinopec are all planning to stop trading in the US. The companies are going to apply for delisting later this month.

Sinopec and PetroChina were both listed on the US market.

According to the China Securities Regulatory Commission, the delisting plans were based on business concerns.

An auditing dispute has been going on for more than a decade, according to reports. National security concerns have made Chinese officials reluctant to allow foreign regulators to inspect local accounting firms. Chinese companies will face delisting if they don't comply with US auditing rules by the end of the decade.

More than 300 businesses based in China and Hong Kong were at risk of being pulled off US exchanges, according to a May report. The market value of those businesses was more than $2 billion.