The New York Stock Exchange backtracked on a plan to delist the shares of China Mobile, China Telecom and China Unicom just days before trading was due to stop, after further consultation with regulatory authorities.
In a statement issued yesterday (4 January), the bourse said it no longer intends to move forward with the delisting of the three operators, which was announced on 31 December. The exchange said it will continue to evaluate the applicability of an executive order on the companies’ securities and their continued listing status.
NYSE planned to stop trading the securities of China’s three major telecoms operators by 11 January to comply with an executive order issued by President Donald Trump in November, blocking US investment in companies the Department of Defence claimed are owned or controlled by the Chinese military.
The reversal follows the China Securities Regulatory Commission calling the delisting politically driven and said it supports the companies in safeguarding their legitimate rights.
China Unicom acknowledged in a statement trading of its American Depositary Shares would continue and said it will monitor developments in related matters. Rival China Telecom said it was notified by NYSE it reversed its earlier decision.Subscribe to our daily newsletter Back