China Mobile, China Unicom Seek Reviews of NYSE Delisting

(Bloomberg) -- China Mobile Ltd. and China Unicom Hong Kong Ltd. said they requested a review of the New York Stock Exchange’s decision to delist the country’s state-owned telecommunications firms’ shares more than a week ago.

The delisting move caused wild swings in their stock as investors were left with little time to react to the decision. It also prompted some global equity indexes to remove the securities.

The NYSE indicated it was acting to comply with an executive order issued by former U.S. President Donald Trump, barring investments in companies deemed by the U.S. to be owned or controlled by China’s military. The ambiguously worded order was part of Trump’s effort to punish China in the waning days of his presidency. Under his administration, the U.S. has sought to sever economic links and deny Chinese firms access to American capital, especially those judged to pose a threat to U.S. national security.