Wed. Jun 7th, 2023

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China says NYSE delistings of firms will have repercussions

1 min read

China Vs. USA

Chinese oil majors may be next in line for delisting in the U.S. after the NYSE said it would remove the Asian nation’s three biggest telecom companies.

Responding to NYSE announcements, China Securities Regulatory Commission, on its official website, said, the move “completely disregards the actual situation of the relevant companies and the legitimate rights and interests of global investors and severely undermines normal market rules and order.”

Marking that the American investments in these companies are small, the regulatory commission said, “Even if delisted, the direct impact on the companies’ development and market operation is quite limited.”

The overall scale of the American Deposit Receipts listed by the three companies is small, it said, with a total market value of less than 20 billion yuan ($3.07 billion), or 2.2% of the total equity of the three firms. China’s commerce ministry said on Saturday it will take “necessary measures” to safeguard the interests of Chinese companies.

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