China Telecom, China Mobile and Unicom apply to New York Stock Exchange to reverse delistings ordered by Donald Trump

Name: Joe Biden becomes 46th US president in scaled-down, socially-distanced inauguration
Uploaded: 2021-01-21T02:28:59.000Z
Duration: 7 min 49 s
Description: Joe Biden becomes 46th US president in scaled-down, socially-distanced inauguration

Request to review deslistings came as Joe Biden inaugurated as next US President

NYSE delisted three of China’s biggest telecoms in response to executive order by former US President Donald Trump

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China Mobile and two other Chinese telecommunications giants said they would seek to reverse their delistings from the New York Stock Exchange. Photo: AP

Chad Bray

Published: 10:28am, 21 Jan 2021Updated: 10:58pm, 21 Jan 2021

Hours after Joe Biden was sworn in as the 46th president of the United States, China’s three telecommunications companies filed requests with the New York Stock Exchange (NYSE) to review their delistings, seeking to reverse the November 2020 executive order by Donald Trump to expel them.

China Mobile, China Telecom and China Unicom said they asked for the trading suspension and delisting of their American depositary shares (ADSs) to be reversed while their review request is being considered. Under NYSE rules, a review must be scheduled at least 25 business days after receiving request.

“Investors are cautioned that there is no assurance that the company’s review request ad stay request will be successful,” according to a statement by China Mobile to the Hong Kong stock exchange, the primary market where shares of the world’s largest mobile phone network are traded.

The NYSE first announced the delisting plan on New Year’s Day, in an unprecedented step to remove the ADSs of the three Chinese companies to comply with the Trump administration order that bars Americans from trading in companies with ties to China’s military. All three companies are state-owned entities managed by government-appointed managers.

07:49

Joe Biden becomes 46th US president in scaled-down, socially-distanced inauguration

Shares of the three telecoms companies fell amid a declining market in Hong Kong after their filing. China Telecom retraced 1.7 per cent to HK$2.29 after rising by as much as 1.7 per cent. China Mobile slipped by 0.1 per cent to HK$48.95, retuning its earlier 1.5 per cent intraday gain, while the shares of Unicom lost 1.8 per cent to HK$4.88.

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