business

CNOOC regrets NYSE’s delisting decision

NEW YORK, Feb. 28 (Xinhua) — China National Offshore Oil Corporation (CNOOC) on Sunday said it regrets the decision made by the New York Stock Exchange (NYSE) to delist its American depositary shares (ADSs).

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

The NYSE announced later Friday that it would suspend the trading of the ADSs issued by CNOOC starting at 4 a.m. EST (0900 GMT) on March 9, citing U.S. Executive Order 13959 and updated guidance provided by the Office of Foreign Assets Control under the U.S. Department of the Treasury.

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

The three Chinese telecom companies requested the NYSE on Jan. 20 to review and reverse the delisting decisions made by the NYSE, which is expected to review its decisions at least 25 business days hereafter.

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