The New York Stock Exchange said it would cancel the list of Chinese oil giant Cnooc Ltd. in order to comply with the executive order signed by former President Donald Trump against companies that the previous government said had ties to the Chinese military. .
The New York Stock Exchange said in a statement that trading of CNOOC’s American Depositary Shares will be suspended at 4 a.m. Eastern Time on March 9.
According to an executive order signed by Trump in November last year, the supervisory department of the U.S. Board of Directors believes that CNOOC is “no longer suitable for listing.” The order is still valid under the leadership of the Biden administration.
Cnooc, one of China’s major state-owned oil and gas producers, did not immediately respond to a request for comment.
Even after the NYSE’s delisting, the company will continue to be listed on the Hong Kong Stock Exchange. However, US investors who currently hold CNOOC stocks listed on the New York Stock Exchange may find it difficult to convert them into overseas stocks, and many people may choose to sell them in the next few days. On Friday, shares listed on the New York Stock Exchange fell 2.8% to $1