THE AFRICA BAZAAR STAFF
December 31, 2020
The New York Stock Exchange on Thursday said its NYSE Regulation unit has decided to start process of delisting the securities of the three Chinese telecom companies: China Mobile Limited, China Telecom Corporation Limited, and China Unicom Limited.
The Exchange said it “reached its decision that the Issuers are no longer suitable for listing pursuant to the Executive Order issued and signed by President Trump on November 12, 2020, which prohibits, any transaction in publicly traded securities, or any securities that are derivative of, or are designed to provide investment exposure to such securities, of any Communist Chinese military company, by any United States person, effective January 11, 2021.
The Exchange, which is owned by Intercontinental Exchange, Inc, also said it will file with Securities and Exchange Commission to delist the Issuers and securities upon completion of all applicable procedures, including any appeal of the NYSE Regulation staff’s decision.”
Contingent upon confirmation that DTCC will clear up trades executed on January 7 and January 8, 2021, the NYSE said all trading in CHA, CHL and CHU will suspend on January 7 and absent any confirmation, the NYSE will eliminate trading on January 11.
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The Exchange said additional information will be provided as available.
The Issuers have a right to a review of this determination by a Committee of the Board of Directors of the Exchange.