(Reuters) – Telecom companies China Unicom Hong Kong Ltd, China Mobile and China Telecom Corp said Thursday that they had asked the New York Stock Exchange to review its decision to remove their US depository shares.
The NYSE – after some reversals – had canceled the three Chinese telecoms companies earlier this month, following an executive order from former US President Donald Trump banning Americans from investing in public companies that Washington believes have ties to the Chinese military.
The US investment ban has triggered a wider fallout for companies, with US investors quickly selling their shares and index providers reducing them from their benchmarks.
Index providers MSCI Inc, FTSE Russell and S&P Dow Jones Indices have removed telecom companies from benchmark this month, erasing a combined $ 5.6 billion from the value of their Hong Kong-traded shares.
The companies said the NYSE review would be scheduled within 25 days from their filing on Wednesday and demanded that the suspension of trading on telecom companies remain in effect until the outcome is finalized.
Reportage by Anushka Trivedi and Shashwat Awasthi in Bengaluru, by Sherry Jacob-Phillips