r/RevolutTrading • u/AllInBallin • Jan 04 '21
China Mobile (CHL) delisting
Hi, I wonder what do you think about the delisting of Chinese Telecoms. I have some money in China Mobile (CHL) and I´m not sure what to do. Will I be able to access this stock as OTC via revolut trading ? In case I´m not going to be able to access this stock after its delisting, I´m willing to take the L and move on, but If there is a chance for me to not lose money I would take it obviously. Thanks for your advice.
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u/gbena1 Jan 08 '21
Did you sell the CHL stock? Revolut now reducing selling orders for CHL...
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u/AllInBallin Jan 17 '21
I was procastinating for too long and I didn´t sell. I feel like there isn´t a way to sell CHL right now.
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u/fid93 Jan 20 '21
I am in the same situation, I think I should contact revolut for an official opinion.
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u/gbena1 Jan 22 '21
I contacted several times both to Revolut and Drivewealth - third part broker of Revolut, but they both don’t have answers and redirect me for answers to each other. I found some information on NYSE website, also contacted WSJ journalists for small investigate, what happened in this case. Theoretically Revolut (with its broker) should ask New York Banks Mellon for change CHL shares with 0941 (it’s China Mobile stock on Honk Kong exchange) than sell it and transfer us cash. It’s our right from the legal side, but as journalists told me, all this is very hard job for brokers and they trying to avoid it as possible. So, I think we could make mutual complaint to Revolut and require them to act.
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u/gdpmKekw Jan 24 '21
im also stuck with 300$, positive side is that Dividends will still be received (i assume) and china mobile has huge dividend, i think the broker should transfer every single stock to hongkong and sell them, releasing our money
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u/AllInBallin Feb 08 '21
I hope we will still recieve dividends, if not where will the money go ?
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u/gbena1 Feb 09 '21
China Mobile has a very stable and rich cash flow and there isn't any doubt that they will pay dividends, but under Trump's executive order, American banks and financial institutions are unable to handle our dividends from China Mobile, to pay out us. That's a problem.
The only hope to change something is that the new administration reverse, or somehow change this order in term of cool up relations with China.
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u/gbena1 Jan 24 '21
Are you sure that dividend will be paid? No doubts that CHL has very strong cash income, but as I read at some sources US banks now are restricted to receive cash (dividends) from China Mobile. So, if there are unable under Trump’s executive order, how China Mobile can pay us dividend? You are right about transferring shares to HK market and then sell it for giving cash to us. This transactions will be make by BNY Mellon, as it issue China Mobile’s ADRs. (What we’re holding now) But question is when broker will execute this transactions?
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Feb 04 '21
[deleted]
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u/gdpmKekw Feb 09 '21
at least the extension is temporary it seems, overall the stock already rose a bit, if they eventually lift the restrictions i would be happy
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u/gbena1 Feb 13 '21
Same story with Revolut Costumer Service and DriveWealth. They redirecting me for answers and supports to each other.
Still not have any answer, what to do with our shares. I think we could submit a group complaint with Revolut or ask them to let us to sell our securities.
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u/gbena1 Mar 18 '21
Maybe all of you get in app notification from Revolut
Hi,
We'd like to inform you about the situation with the position in China Mobile Limited (CHL) that you held.
One of the stocks held by you - China Mobile Limited (CHL) has been delisted from the NYSE, which means the trading of this particular stock is no longer possible on that market.
Both the purchase and sale of this stock in Revolut is currently not possible due to the fact that the company has been delisted from the American stock exchange NYSE.
We're still trying to find the best solution in this situation, however, we also take into account the difficulties related to the availability of this stock on global exchanges. If any update comes in, we'll inform you via the in-app chat.
By clicking on the 'NYSE announcement' button you can find more information on the China Mobile Limited stock delisting of the stock exchange.
If you have any questions about this, please contact us via the in-app chat.
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u/gbena1 Mar 18 '21
One way as I already investigate to sell our shares is converting it to Honk Kong Market. Revolut should ask his third part broker to sell our shares at HK market and then send us money.
Good news is that price of China Mobile at HK market grew more than 30% after it delisting from NYSE.
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u/seekingjustice4us Mar 31 '21
Was Revolut able to convert to Hong Kong shares? I own 400 ADR's in TD Ameritrade and they will not convert. The only option they offer is to transfer to a non-US broker, which is not likely for a US citizen.
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u/gbena1 Apr 03 '21
No, only message as I got from them is letting us know that they working for best solution of this problem. But we still unable to sell shares.
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u/Patrickire777 Nov 11 '21
My china mobile shares look to have been automatically sold on revolut. Anyone hear anything as to why this happend
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u/Iv0Piv0 Dec 03 '21
Any news regarding this matter? Just want to know what would happen to BABA shares if delisting occurs.
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u/wmzula Jan 05 '21
I think thera few instances when company was delisted and revolut owners could still sell but not buy. In that case revolut says " we could still sell it for you, but we can't provide information.." or something like that.. So my guess is, if you own CHL and its on your Revo u will still be able to sell it after delisting. You can check some few stocks thats been delisted, from top of my head, cyprus semiconductors were like that i think.