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The New York Stock Exchange overturned its decision to delist China’s three largest telecommunications companies, after consulting with regulators over a recent U.S. investment ban.
In a statement issued Monday evening, Eastern Time, the Big Board said “it no longer intends to proceed with delisting action” on China Mobile Ltd., China. Telecom Corp. and China Unicom (Hong Kong) Ltd.
NYSE LAUNCHES PROCESS TO DELETE THREE CHINESE TELECOM COMPANIES
Hong Kong-listed shares of the three telecom majors surged on the news. Shares of China Mobile, which is among the most valuable Chinese state-owned enterprises, rose 7.5% in late-morning trading on Tuesday, while China Telecom and China Unicom jumped 8.1% and 11% , respectively.
The New York Stock Exchange overturned its decision to delist China’s three largest telecommunications companies, after consulting with regulators over a recent U.S. investment ban. (Photo by Spencer Platt / Getty Images)
NYSE’s previous plan to remove companies from the list followed a US government order, signed by President Trump in November, which barred Americans from investing in a list of companies that the US government says it supplies and supports. China’s military, intelligence and security services.
The ban on trading was due to start on January 11 and investors would have until November to dispose of their holdings.
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The NYSE had sent a notice of its intention to begin delisting proceedings around New Year’s Day, when markets were closed. The surprise announcement rattled Hong Kong-listed stocks and U.S. certificates of deposit of the three companies on Monday after trading resumed, as investors big and small scrambled over what to do with their ADR holdings.
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