Shares of Chinese companies traded in the United States fell on Wednesday, with the New York Stock Exchange once again changing its mind about whether or not to withdraw a trio of China-based telecommunications stocks.
American deposit receipts from China Mobile Ltd. CHL,
fell 7%, while the ADRs of China Telecom Corp. TEA,
decreased by 4% and China Unicom (Hong Kong) Ltd. CHUFF,
plummeted 27% after the NYSE announced on Wednesday that it would withdraw the securities from the exchange.
The following Tuesday, when the US listed shares of Chinese companies rose after the NYSE statement Monday night, it would not withdraw the companies, reversing the decision announced on December 31.
The stock’s back and forth action stems from an executive order from President Donald Trump in November, scheduled to go into effect on January 11.
Thus, KraneShares China Internet ETF KWEB,
fell 0.5%, while iShares MSCI China ETF MCHI,
fell less than 0.1%.
Similarly, the US traded shares in Alibaba Group Holding Ltd. BABA,
decreased 1.5%, the shares of Pinduoduo Inc. PDD,
fell 2.3%, JD.com Inc. JD,
fell 4.3%, and Baidu Inc. BIDU,
fell 0.9%.