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Chinese telecoms ask NYSE to reverse delisting decision

Chinese telecoms ask NYSE to reverse delisting decision
NYSE delisted 3 Chinese firms this month due to Trump administration executive order

By Riyaz ul Khaliq

ANKARA (AA) – As the Joe Biden administration takes charge in Washington, three Chinese telecommunication giants have asked the New York Stock Exchange (NYSE) to review their delisting.

After an initial decision to delist the firms, following a Trump administration executive order, the NYSE said earlier this month that it would not move ahead with the process.

Trump’s Nov. 12 order barred American investments in companies that the US believes to be linked to China’s military.

However, the NYSE changed course a few days later and delisted China Mobile, China Telecom, and China Unicom starting Jan. 11.

In statements to the Hong Kong Stock Exchange on Thursday, the three companies said they have “requested the NYSE committee to overturn the delisting, and to suspend the trading halt before the committee reviews the request,” Chinese state-run daily Global Times reported.

The Chinese companies maintained that they have “strictly abided by local laws, market regulations and the supervision requirements since they have been listed on the exchange,” the report said.

source: News Feed
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