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Chinese telecom firms seek review of NYSE delisting decision

Chinese telecom firms seek review of NYSE delisting decision

FILE PHOTO: A man smokes in front of a China Unicom store in Beijing, China August 11, 2020. Picture taken August 11, 2020. REUTERS/Tingshu Wang/File Photo

Telecom companies China Unicom Hong Kong, China Mobile and China Telecom Corp said on Thursday (Jan 21) they had requested the New York Stock Exchange to review its decision to delist their American depositary shares.

The NYSE - after some flip-flopping - had delisted the three Chinese telcos earlier this month, following an executive order by former US President Donald Trump that barred Americans from investing in public companies Washington deems to have links with the Chinese military.

The US investment ban has triggered a wider fallout for the companies, with US investors quickly selling off their stakes and index providers cutting them from their benchmarks.

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

The companies said the NYSE's review would be scheduled within 25 days from their filing on Wednesday, and requested that trading suspension on the telcos stay in place until the outcome is finalised.

Source: Reuters

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