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NYSE says starting process to delist 3 China telco companies

·1 min read

NEW YORK, Dec 31 (Reuters) - The New York Stock Exchange is starting the process of delisting securities of three Chiense telecom companies, China Telecom Corporation Limited, China Mobile Limited and China Unicom (Hong Kong) Limited, it said in a statement https://ir.theice.com/press/news-details/2020/NYSE-to-Commence-Delisting-Proceedings-in-Securities-of-Three-Issuers-to-Comply-with-Executive-Order-13959/default.aspx on Thursday.

The move comes after President Donald Trump in November unveiled an executive order barring U.S. investments in Chinese companies that Washington says are owned or controlled by the Chinese military.

NYSE said that NYSE Regulation reached its decision that the issuers were no longer suitable for listing as the order prohibits any transactions in securities "designed to provide investment exposure to such securities, of any Communist Chinese military company, by any United States person."

NYSE said that the issuers have a right to a review of the decision. (Reporting by Megan Davies; Editing by Kim Coghill)