According to a Reuters report on May 7, the New York Stock Exchange (NYSE) committee on Friday upheld the delisting decision of Chinese telecom giant China Unicom after the company filed a related reconsideration procedure with the NYSE board. The NYSE is expected to file a petition with the U.S. Securities and Exchange Commission to deregister Unicom’s American Depositary Receipts from the market.
“China Unicom also announced on the same day that the delisting process for the company’s ADSs will take effect 10 days after the NYSE submits an application to the SEC under the rules of the U.S. Securities Exchange Act of 1934.
It is reported that, according to a ban issued by the U.S. Trump administration last year, the NYSE is launching delisting proceedings against China’s three largest telecom operators, China Telecom, China Mobile and China Unicom. “The New York Stock Exchange is conducting delisting procedures for China’s three largest telecom operators, China Telecom, China Mobile and China Unicom. To date, the number of ADSs issued by China Unicom has dropped significantly from approximately 33 million at the end of 2020 to approximately 5 million at the end of April this year. This represents approximately 0.2% of China Unicom’s total shares outstanding.
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