Telecoms request NYSE to review decision to delist ADR shares

Telecom companies China Unicom Hong Kong, China Mobile and China Telecom said on Thursday they had requested the New York Stock Exchange to review its decision to delist their American depositary shares.
China Internet userThe NYSE – after some flip-flopping – had delisted the three Chinese telcos earlier this month, following an executive order by former U.S. President Donald Trump that barred Americans from investing in public companies Washington deems to have links with the Chinese military.

The U.S. investment ban has triggered a wider fallout for the companies, with U.S. 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 $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.