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The New York Stock Exchange reversed its decision to remove China’s three largest telecommunications companies, after consulting with regulatory authorities about a recent US investment ban.
In a statement released Monday night, Eastern Time, the Big Board said it “does not intend to proceed with the delisting action” at China Mobile Ltd., China Telecom Corp. and China Unicom (Hong Kong) Ltd.
NYSE STARTS OUTPUT PROCESS FOR THREE CHINESE TELECOMMUNICATIONS COMPANIES
The Hong Kong-listed shares of the big three telecommunications companies soared with the news. Shares in China Mobile, which is among China’s most valuable listed state-owned companies, rose up to 7.5% in Tuesday morning’s late trading, while China Telecom and China Unicom rose 8.1% and 11% %, respectively.
The New York Stock Exchange reversed its decision to remove China’s three largest telecommunications companies, after consulting with regulatory authorities about a recent US investment ban. (Photo by Spencer Platt / Getty Images)
The NYSE’s previous plan to remove companies followed an order from the U.S. government, signed by President Trump in November, which prohibits Americans from investing in a list of companies that the U.S. government claims to provide and support military, intelligence services. and China’s security.
The marketing ban 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 notification about its plans to initiate delisting procedures around New Year’s Day, while the markets were closed. The surprise announcement stirred Hong Kong’s listed stocks and American deposit receipts from the three companies on Monday after trading resumed as large and small investors struggled to figure out what to do with their ADR holdings.
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