Chinese telecom firms seek review of NYSE delisting decision
January 21, 2021
Telecom companies China Unico, China Mobile and China Telecom said on Thursday they had requested the New York Stock Exchange to review its decision to delist their American depositary shares, reported Reuters.
The NYSE—after some flip-flopping—had delisted the three Chinese telcos earlier this month, following an executive order by former US President Donald Trump that barred Americans from investing in public companies Washington deems to have links with the Chinese military.
Index providers MSCI Inc, FTSE Russell and S&P Dow Jones Indices removed the telcos from benchmarks this month, wiping a combined $5.6 billion off the value of their Hong Kong-traded shares, said Reuters.
The companies said the NYSE’s review would be scheduled within 25 days from their filing on Wednesday, and requested that trading suspension on the telcos stay in place until the outcome is finalised.