ANI
03 Mar 2021, 19:26 GMT+10
New York [US], March 3 (ANI): The New York Stock Exchange (NYSE) will move to delist CNOOC Ltd., the Chinese oil major, to comply with an executive order by former President Donald Trump targeting companies that the previous administration said had links to the Chinese military.
Trading in American depository shares of CNOOC will be suspended at 4 am ET on March 9, the NYSE said in a statement on February 26, reported the Wall Street Journal (WSJ).
It's the fourth Chinese company to be slapped with such a punishment. The exchange said in January that it would end trading of shares in China Mobile, China Telecom and China Unicom to comply with Trump's order, CNN reported.
CNOOC's Hong Kong-listed shares dropped 1.1 per cent on Monday.
According to the WSJ, the Big Board's regulatory arm determined that CNOOC was 'no longer suitable for listing' in light of the executive order, which Trump signed in November 2020. The order has remained in effect under current US President Joe Biden's administration.
The company will continue to have shares listed on the Hong Kong stock exchange even after being delisted by NYSE. However, US investors who currently hold CNOOC's NYSE-listed shares may have difficulty converting them into overseas shares and many may choose to sell in the coming days. The NYSE-listed shares fell 2.8 per cent on Friday to USD 118.74.
CNOOC was not on the initial list of Chinese companies covered by Trump's order when he signed it in November, but was added later, which is why the NYSE did not take action to delist the Chinese company until now.
The WSJ had earlier reported that the Biden administration plans to allow a Trump-era rule aimed at combating Chinese technology threats to take effect next month, over objections from US businesses.
The goal of Trump's order was to stop US investors' money from aiding Beijing's efforts to modernise its military and security services. This was a series of tough policies against China initiated by Trump before he left office earlier this year. (ANI)Get a daily dose of North Korea Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to North Korea Times.
More InformationIn the past month alone, 23 Israeli soldiers have been killed in Gaza—three more than the number of remaining living hostages held...
LONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
WASHINGTON, D.C.: After months of warnings from former federal officials and weather experts, the deadly flash floods that struck the...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...
NEW YORK, New York - U.S. stocks rebounded Tuesday with all the major indices gaining ground. Markets in the UK, Europe and Canada...