It’s the fourth Chinese company to be slapped with such a punishment. The exchange said in January that it would end trading of shares in China Mobile, China Telecom and China Unicom to comply with Trump’s order. They have since ceased trading.
CNOOC has traded in New York since 2001. It said Sunday that it “regrets” the NYSE decision, and warned in a filing to the Hong Kong Stock Exchange that the delisting may affect share prices and volumes. It added that it would “closely monitor” any developments.
CNOOC’s Hong Kong-listed shares dropped 1.1% on Monday.
The move isn’t the first time that CNOOC has been targeted by Washington. Days before Trump left office in January, the US Commerce Department added the company to a list that effectively cut it off from American supplies and technology. At the time, former Commerce Secretary Wilbur Ross called the firm a “bully” for China’s military, and claimed that it has harassed offshore oil and gas exploration in the South China Sea by other countries.
Beijing has repeatedly blasted such restrictions as an abuse of power by the United States.
The decision to delist CNOOC suggests that Washington is still willing to pressure Beijing in some areas as President Joe Biden begins his term in office.
All news and articles are copyrighted to the respective authors and/or News Broadcasters. LC is an independent Online News Aggregator
Read more from original source here…