The New York Stock Exchange (NYSE) rejected appeals by the three major Chinese mobile operators to a delisting related to a presidential order blocking US investment in companies considered a national security threat.
Last week, a NYSE committee affirmed a previous decision to delist China Mobile, China Telecom and China Unicom’s American depositary receipts. In separate filings with the Hong Kong stock market on 7 May, the operators explained they expected the exchange to apply to the Securities and Exchange Commission (SEC) for permission to delist their shares.
The SEC made the filing the same day, with the delisting to go into effect in ten days.
In a statement, China Mobile said it will continue to pay close attention to the development of “related matters and seek professional advice to protect the lawful rights of the company and its shareholders”.
The operators previously called for the exchange to reverse the delistings [1] and delay a suspension in trading [2] of their shares while a review is conducted.
NYSE’s move followed an executive order [3] signed by former US President Donald Trump barring domestic investors from working with Chinese companies deemed to be owned or controlled by the nation’s military.
[1] https://www.mobileworldlive.com/asia/asia-news/china-operators-ask-nyse-to-reverse-delistings
[2] https://www.mobileworldlive.com/featured-content/home-banner/nyse-forges-ahead-with-delisting-chinese-operators
[3] https://www.mobileworldlive.com/featured-content/home-banner/us-blocks-capital-flows-to-chinese-companies
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