THE AFRICA BAZAAR STAFF
January 6, 2021
They say the third time is the charm. At least that is what global investors are hoping for: a less contradictory market news from the New York Stock Exchange Group following the headwind news coming from the company this week regarding the shares of three Chinese telecommunications firms that were scheduled, cancelled and then reschedule for delisting.
The NYSE on Wednesday u-turn its decision again this week, and have finally decided that its Regulatory unit can move forward with the process of delisting shares of these Chinese firms: China Telecom Corporation Limited, China Mobile Limited and China Unicom (Hong Kong) Limited from the Big Board to comply with U.S. law.
The NYSE said the final decision was made based on new specific guidance received Tuesday from the Department of Treasury’s Office of Foreign Assets Control.
The NYSE said all three Chinese firms will be removed from its board on January 11.
“Consistent with this guidance, trading in the securities of the Issuers will be suspended at 4:00 a.m. Eastern Standard Time on January 11, 2021, as we have been advised that NSCC will clear trades executed through January 8, 2021,” NYSE said in a statement.