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Money lost!??!! Revolute stock delisted

  • 15-01-2021 11:49am
    #1
    Registered Users Posts: 227 ✭✭ Empty_Space


    Any help?

    I own China Mobile on Revolute that was recently delisted on the NY stock market.

    I now cant buy or sell this stock.

    I was on to support a few days ago and they wont give me any reassurance I can sell my stock or somehow move stock to another platform. Stock is listed on Hong Kong stock exchange..

    Does anyone know what happens now?


Comments

  • Moderators, Business & Finance Moderators Posts: 7,818 Mod ✭✭✭✭ Jim2007


    You could ask for the physical share certificates and deposit them with a broker who can provide you access to a market on which the shares are still trade.

    But check the fees involved, it could be expensive.


  • Registered Users Posts: 1,256 ✭✭✭ JackieChang


    I have no idea how you can get your shares back, but his was announced weeks ago, even on BBC news wasn't it? Why were you holding it?


  • Registered Users Posts: 227 ✭✭ Empty_Space


    I have no idea how you can get your shares back, but his was announced weeks ago, even on BBC news wasn't it? Why were you holding it?

    Because the stock plummeted before I could get out.

    I read on Revolut website if a stock was delisted I would be able to sell using over the counter or other.
    https://www.revolut.com/help/wealth/stocks/understanding-investment-events-and-regulations/what-happens-to-my-stocks-if-a-company-is-delisted

    I made decision I would be better off leaving for inevitable rise. But now they simply wont give me an answer. Just keep saying issue is escalated.


  • Registered Users Posts: 2,240 ✭✭✭ garrettod


    Because the stock plummeted before I could get out.

    I read on Revolut website if a stock was delisted I would be able to sell using over the counter or other.
    https://www.revolut.com/help/wealth/stocks/understanding-investment-events-and-regulations/what-happens-to-my-stocks-if-a-company-is-delisted

    I made decision I would be better off leaving for inevitable rise. But now they simply wont give me an answer. Just keep saying issue is escalated.

    Ask Revolut to log a formal complaint for you, on this issue.

    I expect that they've got a formal complaints procedure, much like Banks do. It'll take a bit of time, but you should get a response (and possible offer of compensation, if they find in your favour).

    Thanks,

    G.



  • Moderators, Business & Finance Moderators Posts: 7,818 Mod ✭✭✭✭ Jim2007


    garrettod wrote: »
    Ask Revolut to log a formal complaint for you, on this issue.

    I expect that they've got a formal complaints procedure, much like Banks do. It'll take a bit of time, but you should get a response (and possible offer of compensation, if they find in your favour).

    Trading has been halted as a result of an executive order of the United States government, it can’t be traded on any market. Revolut did nothing wrong and can’t do anything to change the situation short of breaking the law.

    @OP - Your stock was not delisted as in it was moved to the OTC, trading has ceased in accordance with US law. And in accordance with that executive order it will be illegal for US investors to hold the stock after Nov. 2021. So unless the new administration changes the situation this going no where.

    Beyond getting your hands on the certificates as I already suggested I don’t know of any other possibility.


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  • Registered Users Posts: 227 ✭✭ Empty_Space


    Jim2007 wrote: »
    Trading has been halted as a result of an executive order of the United States government, it can’t be traded on any market. Revolut did nothing wrong and can’t do anything to change the situation short of breaking the law.

    @OP - Your stock was not delisted as in it was moved to the OTC, trading has ceased in accordance with US law. And in accordance with that executive order it will be illegal for US investors to hold the stock after Nov. 2021. So unless the new administration changes the situation this going no where.

    Beyond getting your hands on the certificates as I already suggested I don’t know of any other possibility.

    I know trading has ceased, hence the post, duh. As per their website I just want option to sell the stock using OTC or even converting to Hong Kong listed shares.

    What's frustrating is the lack of info from Revolut. They just keep saying issue is escalated.

    So I am looking for someone who has had similar to tell me what outcome will likely be here.


  • Moderators, Business & Finance Moderators Posts: 7,818 Mod ✭✭✭✭ Jim2007


    I know trading has ceased, hence the post, duh. As per their website I just want option to sell the stock using OTC or even converting to Hong Kong listed shares.


    And I just told you that trading is not possible on the OTC and the only alternative I see possible....


  • Registered Users Posts: 227 ✭✭ Empty_Space


    And why is it not possible on the OTC?.

    I read in several places before delisting that OTC trading should be available for even Americans until Nov 2021, to allow people to get sell.


  • Registered Users Posts: 227 ✭✭ Empty_Space


    I emailed Degiro to see if they can tell me how they are dealing with situation. Hopefully they can be more responsive then Revolut.


  • Registered Users Posts: 2,240 ✭✭✭ garrettod


    Jim2007 wrote: »
    Trading has been halted as a result of an executive order of the United States government, it can’t be traded on any market. Revolut did nothing wrong and can’t do anything to change the situation short of breaking the law...

    Are you sure that's not just any US market ?

    I think that the shareholder is entitled to a share cert, which they might then be able to trade on a non - US exchange.

    A complaint can be logged for Revolt's failure to revert to their customer, or answer the query - entirely seperate matter, to what the outcome of that query might be.

    Thanks,

    G.



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  • Moderators, Business & Finance Moderators Posts: 7,818 Mod ✭✭✭✭ Jim2007


    garrettod wrote: »
    I think that the shareholder is entitled to a share cert, which they might then be able to trade on a non - US exchange..


    That was what I originally suggested to the OP. But there are usually fees involved, so it depends on the size of the holding.


  • Registered Users Posts: 2,240 ✭✭✭ garrettod


    Jim2007 wrote: »
    That was what I originally suggested to the OP. But there are usually fees involved, so it depends on the size of the holding.

    Sure - between that, and the likely fees to get a paper based share cert sold on another market, by another broker, may well result in a net loss - depending on the amount of shares held.

    Different points to those in other recent posts though...

    Thanks,

    G.



  • Banned (with Prison Access) Posts: 46 ✭✭✭ vurstflavor


    The three telecom companies are directing their ADR holders to trade their shares for the Hong Kong-listed shares


  • Registered Users Posts: 227 ✭✭ Empty_Space


    garrettod wrote: »
    Sure - between that, and the likely fees to get a paper based share cert sold on another market, by another broker, may well result in a net loss - depending on the amount of shares held.

    Different points to those in other recent posts though...

    I have over 5k euro worth of shares. How much fees are we talking about generally?.


  • Registered Users Posts: 2,240 ✭✭✭ garrettod


    I have over 5k euro worth of shares. How much fees are we talking about generally?.

    You'll need to get the share certs first.

    If you still aren't getting any direction from Revolut (keeping in mind that they can't physicially help you), it's probably best to contact China Mobile's Share Registrar or Company Secretary (you should be able to find contact details online - names are here. They may have decided to make specific arrangements, given its likely that this is a wide spread problem for their investors.

    You'll also need to open an account with a broker than can trade on the relevant (Hong Kong) exchange, and will accept paper share certs.

    After sorting the share cert, my first phonecalls would probably be to the likes of Davy and Goodbody stockbrokers. Don't be surprised if they turn you down - but they might be able to recommend a broker elsewhere, that can help.

    At a guess, I would think that getting the share cert, opening a broker account, then selling the shares, will likely cost you €300 - €400 max. Obviously, the price you get to sell them at, is a different story. Time will be your biggest problem, as I would expect getting the share cert, opening a new brokerage account, then getting the share certs to the new broker, will take a fair bit of time.

    I'm not sure how up to date this list is, but another option might be to see if some of these Hong Kong brokers can help you

    While it's a risk, there's also a chance that the incoming US President will take a different view on China Mobile, and may reverse Trump's recent order.

    Thanks,

    G.



  • Registered Users Posts: 227 ✭✭ Empty_Space


    Thats mad money, the good news is China Mobile has been going up.

    Still hoping Revolute can give me solution.


  • Registered Users Posts: 1,853 ✭✭✭ Atlas_IRL


    I have over 5k euro worth of shares. How much fees are we talking about generally?.

    Did you know of the threat of them delisting?


  • Registered Users Posts: 47 slo007


    Atlas_IRL wrote: »
    Did you know of the threat of them delisting?

    I saw the article by chance on FT about a week before. Held on to it for a few more days to see if anything was going to change and ultimately sold my CHL holdings at ~20% loss. It was paying really nice dividends! :(


  • Registered Users Posts: 47 slo007


    Thats mad money, the good news is China Mobile has been going up.

    Still hoping Revolute can give me solution.

    Did you obtain a solution to your shares?


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