A China Mobile store in Hong Kong.
Photograph:
Roy Liu / Bloomberg News
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 in New York, the Big Board said it “no longer intends to proceed with the delisting action” on China Mobile Ltd.
CHL -5.89%
, China Telecom Corp.
TEA -5.48%
and China Unicom (Hong Kong) Ltd.
CHU -3.17%
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 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 ban was due to start on January 11, and investors had until November to dispose of their holdings.
Write to Chong Koh Ping at [email protected] and Ben Otto at [email protected]
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