A China Mobile store in Hong Kong.
Photo:
Roy Liu / Bloomberg News
The New York Stock Exchange reversed its decision to drop China’s three largest telecommunications companies from the list after consulting regulatory authorities on a recent US investment ban.
In a statement released late in New York on Monday, the Big Board said “it no longer plans to proceed with the deletion” on China Mobile. Ltd.
CHL -5.89%
, China Telecom Corp.
NO -5.48%
and China Unicom (Hong Kong) Ltd.
CHU -3.17%
The Hong Kong-listed stocks of the three telecom majors soared in the news. Shares of China Mobile, one of the most valuable Chinese publicly traded state-owned companies, rose a whopping 7.5% on Tuesday in late morning trading, while China Telecom and China Unicom were up 8.1% and 11% respectively.
NYSE’s earlier plan to scrap the companies followed a U.S. government order signed by President Trump in November that prohibits Americans from investing in a list of companies that the U.S. government believes is the military, intelligence, and security services of the United States. Supply and support China.
The ban was due to take effect on January 11, and investors had until November to relinquish their assets.
Write to Chong Koh Ping at [email protected] and Ben Otto at [email protected]
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Appeared in the January 5, 2021 print edition as ‘NYSE Scraps Chinese Delistings’.