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The New York Stock Exchange Backtracked on its decision to de-list the top three telecom operators in China, after consulting with regulatory authorities over the recent US investment ban
In a statement released Monday night Eastern Time, the senior board said it “no longer intends to proceed with the delisting procedure” of China Mobile Ltd., China Telecom, and China Unicom (Hong Kong) Limited.
NYSE begins the delisting process for three Chinese telecom operators
Hong Kong-listed shares of the big three telecom companies rose on the news. Shares of China Mobile, among the most valuable state-owned companies listed in China, rose 7.5% in late morning trade Tuesday, while China Telecom and China Unicom each jumped 8.1% and 11%, respectively.
The New York Stock Exchange reversed its decision to write off the three largest Chinese telecom companies, after consulting with regulatory authorities about the recent US investment ban. (Photo by Spencer Platt / Getty Images)
The New York Stock Exchange’s previous plan to write off companies came on the heels of a US government order signed by President Trump in November that prohibits Americans from investing in a list of companies that the US government says provide and support the Chinese military, intelligence and security services.
The trading ban was supposed to start on January 11th, and investors had until November to give up their holdings.
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The New York Stock Exchange sent a notification about its plans to begin delisting procedures on New Year’s Day, while the markets were closed. The surprise announcement shook Hong Kong-listed stocks and US depository receipts for the three companies on Monday after trading resumed, as investors large and small scrambled to find out what to do with their ADR holdings.
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