Traders work during the closing bell at the New York Stock Exchange (NYSE) on March 18, 2020 at Wall Street in New York City. (JOHANNES EISELE / AFP)

China’s three biggest telecommunications firms said they requested a review of the New York Stock Exchange’s decision to delist their shares more than a week ago, a move triggered by an executive order issued by former US President Donald Trump.

The drama surrounding the delisting, which played out over a few days with the bourse at one point reversing the decision before enforcing it again, caused wild swings in the companies’ stock as investors were left with little time to react to the various moves. It also prompted some global equity indexes to remove the securities.

The drama surrounding the delisting, which played out over a few days with the bourse at one point reversing the decision before enforcing it again, caused wild swings in the companies’ stock as investors were left with little time to react to the various moves

In separate filings Thursday to the Hong Kong Stock Exchange — where they’re also listed — China Mobile Ltd, China Unicom Hong Kong Ltd and China Telecom Corp said that written requests had been filed with the NYSE and that they’d also asked for trading suspensions to be stayed while the review is undertaken. 

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The review will be scheduled at least 25 business days from the date the request is filed, the statements said. There’s no assurance the review request will be successful, the companies added.

In its communications around the delistings, the NYSE indicated it was acting to comply with an executive order issued by Trump. 

The announcement of the review requests came hours after Joe Biden was sworn in as Trump’s successor in Washington on Wednesday.

The three companies lost more than US$30 billion in market value in the final weeks of 2020 as investors pulled back from their shares following Trump’s November order. They then shed billions more after the delistings. Subsequently, they have rebounded at least 12 percent in Hong Kong trading since Jan 8, supported by a record inflow of cash from the mainland.

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China Mobile gained 0.3 percent as of 11:42 am Hong Kong Thursday, while China Telecom fell 2.2 percent. China Unicom slipped 1 percent.

The telecommunications companies advised investors to “exercise caution” when dealing in their securities.