China operators lose NYSE delisting appeal - Mobile World Live

China operators lose NYSE delisting appeal

10 MAY 2021

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 and delay a suspension in trading of their shares while a review is conducted.

NYSE’s move followed an executive order 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.

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Joseph Waring

Joseph Waring joins Mobile World Live as the Asia editor for its new Asia channel. Before joining the GSMA, Joseph was group editor for Telecom Asia for more than ten years. In addition to writing features, news and blogs, he...

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