CNOOC regrets NYSE delisting decision


The NYSE announced last week that it would suspend the trading of the ADS issued by CNOOC starting at 4am EST (0900 GMT) on March 9.

NEW YORK: China National Offshore Oil Corp (CNOOC) has said it regrets the decision made by the New York Stock Exchange (NYSE) to delist its American depositary shares (ADS).

The NYSE’s decision and actions may affect the trading prices and volumes of ADSs issued by CNOOC, said a release by the company.

CNOOC advised its shareholders and prospective investors to exercise caution.

It stressed that it will continue to monitor the development of this matter and make further announcements as appropriate.

The NYSE announced last week that it would suspend the trading of the ADS issued by CNOOC starting at 4am EST (0900 GMT) on March 9.

It cited the US Executive Order 13959 and updated guidance provided by the Office of Foreign Assets Control under the US Department of the Treasury.

Earlier, the trading of ADS issued by three Chinese telecom companies was suspended by the NYSE on the same grounds.

The three Chinese telecom companies had requested the NYSE on Jan 20 to review and reverse the delisting decisions made by the NYSE.

The NYSE is expected to review its decisions at least 25 business days hereafter. ─ Xinhua

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