Chinese Telcom Giants Review New York Delisting
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In the latest on U.S. delistings of Chinese firms, the three largest mainland telecommunications firms have requested for a review of the New York Stock Exchange’s decision to remove their shares from the bourse.
In a filing to the Hong Kong Stock Exchange yesterday where they are also listed, China Mobile, China Unicom and China Telecom said that written requests have been filed with NYSE. The three telecom giants said they also asked for trading suspensions to be maintained during the review.
The review will be scheduled at least 25 days from when the request was filed, the statement added, with no assurance for success.
Near the end of the Trump administration, the New York bourse had already once reversed a decision to delist the stocks, deemed by the U.S. to be linked to China’s military, only to ultimately comply following an alleged phone call from U.S. Treasury Secretary Steve Mnuchin.
But now, the three telecom giants will seek to push for a second reversal under a Joe Biden administration. Biden recently nominated ex-Fed chair Janet Yellen as the new incoming Treasury secretary.
Questions & Answers
Q.Which specific companies are seeking a review of their New York Stock Exchange delisting?
Which specific companies are seeking a review of their New York Stock Exchange delisting?
The three companies seeking a review are China Mobile, China Unicom, and China Telecom. They are also listed on the Hong Kong Stock Exchange.
Q.How long will it take for the New York Stock Exchange to schedule the delisting review?
How long will it take for the New York Stock Exchange to schedule the delisting review?
The review will be scheduled at least 25 days from when the request was filed. There is no guarantee of a successful outcome from this process.
Q.Has the New York Stock Exchange previously reversed a delisting decision for these firms?
Has the New York Stock Exchange previously reversed a delisting decision for these firms?
Yes, near the end of the Trump administration, the New York bourse reversed a decision to delist the stocks. However, it ultimately complied after an alleged phone call from the U.S. Treasury Secretary.
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