NYSE Starts CNOOC Delisting Process

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The New York Stock Exchange (NYSE) said it has initiated delisting proceedings against China National Offshore Oil Corporation (CNOOC), which was implemented under an executive order from former U.S. President Donald Trump.

According to Hong Kong Economic Journal, the New York Stock Exchange said in an after-hours statement on the 26th that it was conducting a delisting process for CNOOC’s American Depositary Shares (ADSs).

CNOOC has been included in the category of shares to be delisted and the prohibition on trading in them is expected to take effect on March 9 after the end of the 60-day transition period. However, NYSE said CNOOC could appeal the decision. The Exchange will accept the appeal and forward the relevant information to the SEC for consideration.

Last November, former President Trump signed an executive order banning U.S. companies and individuals from investing in companies linked to the Chinese Communist Party’s military on national security grounds, and many Chinese companies were included on the list.

The U.S. Department of Commerce placed CNOOC on the list of export-controlled entities on Jan. 14 this year, and U.S. companies are not allowed to export products or technology to the company without prior permission.

MSCI, the international index company, subsequently announced the removal of CNOOC from several of its indices. S&P Dow Jones Indices also said in a statement that CNOOC shares will be removed from the affected index on or before Feb. 1 of this year.

Source: Epoch Times

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