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

Added 02-27-21 05:04:01am EST - “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…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “New York exchange moves to delist CNOOC's American depositary shares as Trump-era executive order kicks in”. Below is an excerpt from the article.

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."

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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.

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