China’s Cnooc faces NYSE delisting of American depositary shares

1 min read . Updated: 27 Feb 2021, 07:18 AM IST Bloomberg

Trading will be suspended on March 9, though the issuer has a right to a review of the determination

Cnooc Ltd., China’s largest offshore oil producer, faces New York Stock Exchange proceedings to delist its American depositary shares under an executive order signed by then-President Donald Trump in November.

Trading will be suspended on March 9, though the issuer has a right to a review of the determination, the exchange said in a statement after hours in New York on Friday. The exchange cited the executive order as well as updated guidance provided by the U.S. Treasury’s Office of Foreign Assets Control on Jan. 27.