China’s big three telecoms carriers lost their appeals against being kicked off the New York Stock Exchange and will be delisted to comply with an investment ban introduced by former President Donald Trump.
In separate filings Friday in Hong Kong, China Mobile Ltd. , China Unicom (Hong Kong) Ltd. and China Telecom Corp. said they expected the NYSE to apply to the Securities and Exchange Commission for permission to delist their American depositary receipts. The delistings will take effect 10 days after the SEC is notified.
An NYSE spokesman declined to comment.
In November, Mr. Trump signed an executive order barring Americans from investing in Chinese companies that the U.S. said aided China’s military, intelligence and security services.
That led the NYSE in January, after some flip-flopping, to say it would delist the three telecoms groups. Soon after Joe Biden was sworn in as president, all three companies asked the Big Board to review its decision.
NYSE to Delist Chinese Telecoms Carriers After Rejecting Appeals Source link NYSE to Delist Chinese Telecoms Carriers After Rejecting Appeals