The New York Stock Exchange decided Friday (Feb. 26) to begin officially delisting major Chinese state-owned oil company CNOOC Ltd. under an update to an executive order signed by former U.S. President Donald Trump last November.
The ban on CNOOC will take effect on March 9, 60 days after the company is placed on the list of prohibited U.S. investments, according to guidance issued by the Treasury Department on Jan. 27.
However, the NYSE did not disclose a target date for completing the delisting.
The Trump Administration has already taken action last year against Chinese companies that Washington believes are owned or controlled by the Communist Party’s military, increasing pressure on Beijing.
The NYSE said CNOOC has the right to appeal the delisting decision. The exchange will add any appeal it receives to its filing with the U.S. Securities and Exchange Commission, to be submitted after all proceedings are completed.