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Russell 2000 Futures
China Mobile Limited (0941.HK)
HKSE - HKSE Delayed Price. Currency in HKD
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At close: 4:08PM HKT
1,164 reactions on $0941.HK conversation
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My brokerage finally gave me the option to convert, 2 days before the deadline. And they went to charge $200. Plus, once it's converted, they can't trade it for me since they don't do international so I'd have to find somewhere else that would accept the transfer. Has anyone converted directly through Bank of New York Mellon rather than through your brokerage? I believe that's possible? If you have done, what was the experience like and what are the fees?
Send this link to your Broker, or you will receive cash for the ADS which will count as a sale under tax law even if you didn't sell.
The options for holders of China Mobile American Depository Shares (ADS) have seemingly become clearer.
If you still own the ADS, you can convert it to HK shares by September 13. Based on the BNY Mellon document provided by NowUDonut (see Aussie thread), Mellon will facilitate conversion for a fee (see document). I expect that this option will be available through all brokers but you should verify with yours.
If you do not convert the ADR to HK shares by September 13, Mellon will liquidate the shares sometime after September 13 and you will receive the net proceeds. I believe you don’t need to do anything but, again, verify this with your broker.
So, sometime after September 13, China Mobile ADS will no longer exist. Anyone who hasn’t sold will own the HK shares. If you are not a US citizen, you can hold these for as long as you wish.
If you are a US citizen, you must sell the shares by June 3, 2022. This is per the latest Executive Order (#13959, dated June 3, 2021). This deadline may be amended or revoked in the future.
This is a duplicate link to the BNY Mellon document provided by NowUDonut
TD Ameritrade is robbing their clients by charging more than $4 per share in transaction fees for selling CHL shares. Based on my conversations with several TD Brokers/Traders, their quality and knowledge level is below average at best. I was hoping the merger with Schwab will finalize sooner, but it's likely to take couple of years for the merger to fully occur. I have started moving my accounts out of TD Ameritrade for good.
I got a message from my not US broker
"Payment can take a long time, as it all depends on the liquidity of the underlying securities in the local market"?
According to article about CHL dated May 17, 2021 company was going to spent about $6bln.
Does anyone have suggestions about liquidity?
So if a person has.... $1,000.00 of China Mobile, how much will the HK shares be worth? Does anyone know? I checked with MarketWatch, and China Mobile was selling for HK $49, which is a little over $6 U.S. When it was delisted, China Mobile was about $55 U.S. per share. Does this mean we'll lose $49 per share? I don't understand how this works.
I just got the Notice from BNY Mellon forwarded by Robinhood. BNY Mellon is going to terminate the ADR on 9/13/2021 and will commence sell of share right after the termination. And then BNY Mellon will give the money back to us.
Does anyone get the Notice? I think this is a great news and layout a clear path for coming future.
I haven't received any notices on my Schwab IRA nor have I had any activity updates like Artie states below. I imagine because it is an IRA and I don't have a broker to call they will do as little as possible to help me in this situation.....when I spoke to someone about 2.5 months ago they basically told me to get lost and that there was nothing they could do for me.
I've been following this board and trying to figure out what my immediate steps if any are, but it seems like everyone has a different story. If anyone has any guidance as to what I should do right now I would really appreciate it.....have about $9k tied up in CHL so would be very annoyed to just 'lose it'.
Anyone converting to ordinary shares at TD Ameritrade. Any input on the conversion timeline is appreciated.
Anyone have any luck with TD Ameritrade doing the conversion to HK shares?
On June 3, 2021, President B signed an Executive Order amending E.O. 13959, which bans US investments in certain Chinese companies with alleged military links. The list has now expanded to 59 companies. The US government will undertake ongoing assessment to modify the list.
US investors will now be prohibited from adding exposures to the listed 59 companies (including China Mobile) from August 2, 2021 onwards and can only divest positions in them up to June 3, 2022. No transactions will be allowed after June 3, 2022.
Unwinding of existing positions is not mandatory for now: It is not clear how existing positions will be treated under the new E.O. after the divestment period terminates. Divestment was mandated under the amended E.O. 13959 signed by the former President back in January 2021. However, that version is revoked by the New E.O.
The current scope of the E.O. only prohibits transactions; it does not explicitly ban possession of investments to the extent that the positions are in place before the relevant deadlines.
Vanguard has contacted me about redemption. Have other reviewed and should I take it?
I received a notice from Fidelity. The following is the notice:
Latest Update:06/24/2021 4:46 PM ET
CUTOFF DATE: 09/09/2021 7:00 PM ET
EXPIRATION DATE: 09/10/2021 11:00 AM ET
The Bank of New York Mellon will terminate the deposit agreement for the China
Mobile Limited ADR's on September 13, 2021. As a result of the termination,
you have until at least September 13, 2021 to decide if you would like to
retain your interest in shares of the issuer.
Each one (1) ADR is convertible into (5) underlying ordinary shares, ISIN
HK0941009539, SEDOL 6073556 and CUSIP Y14965100.
If you convert you will be required to pay a cancellation fee of $.05 per ADR
and a cable fee of $17.50 per transaction, and any taxes or governmental
Holders who do not convert will receive proceeds, if any, from the sale of the
As a US citizen, you don't need to do anything. You will receive the proceeds after the sale by BNY. The mess created by US government will end soon.
My Merrill account now has an item under "Activity" that says:
Pending Transfer / Adjustment
CHINA MOBILE LTD SPN ADR
Hopefully this is the conversion?
Hi all, i have CHL, CHA and CHU at IB account and im european, i can convert but IB says there is a 500 usd fee each one, wath should i do? Thanks in advance
Like many of you, I don't really understand what is going on. I received a decent dividend today via Schwab. I am hoping that the company will continue doing ok without being on the NYSE. I don't know how to find if it is. I have a guess/ hope that it will eventually be relisted. So I am just waiting and collecting dividends. Does anyone who might know more about this have a better idea? I invested about 450 dollars over the last two years. I can wait on it, but, I would sure hate to just lose that money.
I'm with TD Ameritrade, received my dividend on June 7th @ US$1.13 per share with 10% tax withholding. Can anyone kindly recommend which is the easiest method for CHL ADR holders to convert to ordinary shares and sell in HK? Is the liquidation deadline on November 2021 before it becomes $0 value? Thanks.
Got my dividend in Merrill account today (June 8th).
1,926.62 with 192.66 tax withholding for 1700 ADR shares.
Now if I can just get them converted to HK shares.
I can confirm that Schwab can now trade this security until August 2. I just sold some of my China Telecom, which is in the same both as China Mobile. Just call the global trading desk. They apparently have only one price per day for each security since it's still deregistered. Good news!
They also told me that TD Ameritrade is working on the same thing (selling these securities), but he said that they're not there yet and doesn't know if they will be.
I placed here notice from official page of bny mellon but moderator deleted this notice
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