US-traded shares of Chinese companies fell Wednesday as the New York Stock Exchange changed its mind again on whether or not to scrap three China-based telecom stocks.
US certificates from China Mobile Ltd. CHL,
declined 7%, while China Telecom Corp.’s ADRs. CHA,
was down 4% and China Unicom (Hong Kong) Ltd. CHUFF,
plummeted 27% after the NYSE said on Wednesday it would delete the securities.
That follows Tuesday, when US-listed shares of Chinese companies held up following the NYSE’s statement late Monday that the stock would not delist the companies, reversing a Dec. 31 decision.
The back-and-forth action of the exchange all stems from an executive order issued by President Donald Trump in November, slated to go into effect Jan. 11.
Accordingly, the KraneShares China Internet ETF is KWEB,
fell 0.5%, while the iShares MSCI China ETF MCHI,
decreased by less than 0.1%.
Similarly, in the US, shares of Alibaba Group Holding Ltd. traded. BABA,
fell 1.5%, shares of Pinduoduo Inc. PDD,
fell 2.3%, JD.com Inc. JD,
fell 4.3%, and Baidu Inc. BIDU,
slipped 0.9%.