New York exchange moves to delist CNOOC’s American depositary shares as Trump-era executive order kicks in

Name: US declares China has committed genocide in its treatment of Uygurs in Xinjiang
Uploaded: 2021-02-27T05:30:53.000Z
Duration: 2 min 27 s
Description: US declares China has committed genocide in its treatment of Uygurs in Xinjiang

The NYSE said that trading in CNOOC Limited, the unit of China’s biggest producer of offshore oil and natural gas, would be suspended on March 9

The delisting would proceed as the NYSE determined that the shares were “no longer suitable” for listing because of the November 2020 order signed by former US President Donald Trump

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A promotional video about a Chinese oil rig at a booth of China's state-run oil company CNOOC during China Beijing International High-Tech Expo in Beijing, May 16, 2014. Photo: Reuters

Chad Bray

Published: 1:30pm, 27 Feb 2021Updated: 4:07pm, 27 Feb 2021

The New York Stock Exchange (NYSE) announced its decision to delist CNOOC Limited next month, effectively erasing one of the most prominent symbols of China’s embrace of global capitalism from the world’s largest capital market.

CNOOC Limited, a unit of China National Offshore Oil Corporation (CNOOC), would stop trading in New York on March 9 to comply with a November 20 executive order by former US President Donald Trump banning US investment in companies with purported ties to the Chinese military, as the oil company’s American depositary shares (ADSs) were “no longer suitable” for listing, NYSE said.

“The issuer has the right to a review of this determination by a committee of the board of directors of the exchange,” the NYSE said in a notice on its website after the market closed on Friday. “The NYSE will apply to the Securities and Exchange Commission (SEC) to delist the issuer’s securities upon completion of all applicable procedures, including any appeal of the NYSE Regulation staff’s decision.”

CNOOC Limited’s spokespeople did not immediately respond to requests for comment on Saturday.

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US declares China has committed genocide in its treatment of Uygurs in Xinjiang

CNOOC Limited, based in Beijing, raised US$15.4 billion in February 2001 on the NYSE, in what was then the third-biggest fundraising in the global oil industry.