CNOOC Ltd has asked the New York Stock Exchange to review its decision to delist the American depositary shares of the Chinese operator in order, it says, to protect the lawful rights of the company and its shareholders.
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The delisting move by the bourse is part of a clampdown started by the previous US administration of ex-president Donald Trump on entities with alleged links to the Chinese military.
“The company requested that the committee reverse the determination,” CNOOC Ltd said in a statement to Hong Kong Stock Exchange.
According to the NYSE Listed Company Manual, the review will be scheduled at least 25 business days from March 10, the date when the request for review was filed.
CNOOC cautioned investors there is no assurance that its review request and stay request will be successful.
NYSE decided to delist CNOOC Ltd’s American depositary shares after Washington late last year added the company to the list of entities with links to the Beijing government.
On 26 February, NYSE authorities decided to commence proceedings to delist CNOOC Ltd’s American depositary shares.
CNOOC Ltd’s shares were suspended from trading on the NYSE at 4:00am local time on 9 March.
Late last year, the US Office of Foreign Assets Control (OFAC) of the Department of the Treasury added CNOOC Ltd to the list of Chinese companies with alleged ties to the country's military.
CNOOC Ltd said that, since its 2001 listing, it has “strictly complied with the laws, regulations and regulatory requirements of its listing venues and has been operating in accordance with laws and regulations".
While there is no clear criteria from OFAC as to what constitutes ties to the Chinese military, the sanction is seen by market observers as linked to wider moves by the previous Trump administration against Chinese businesses.
