Chinese Telecom Companies Seek out Overview of NYSE Delisting Choice | Investing Information

(Reuters) – Telecom organizations China Unicom Hong Kong Ltd, China Mobile and China Telecom Corp stated on Thursday they had asked for the New York Stock Trade to overview its decision to delist their American depositary shares.

The NYSE – soon after some flip-flopping – had delisted the a few Chinese telcos earlier this month, adhering to an executive order by former U.S. President Donald Trump that barred People in america from investing in community businesses Washington deems to have one-way links with the Chinese armed service.

The U.S. financial investment ban has brought on a wider fallout for the companies, with U.S. traders speedily advertising off their stakes and index providers chopping them from their benchmarks.

Index providers MSCI Inc, FTSE Russell and S&P Dow Jones Indices removed the telcos from benchmarks this month, wiping a blended $5.6 billion off the value of their Hong Kong-traded shares.

The firms claimed the NYSE’s overview would be scheduled inside of 25 times from their filing on Wednesday, and asked for that trading suspension on the telcos remain in put until finally the outcome is finalised.

(Reporting by Anushka Trivedi and Shashwat Awasthi in Bengaluru, Enhancing by Sherry Jacob-Phillips)

Copyright 2021 Thomson Reuters.

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