A China Mobile store in Hong Kong.
Photo:
Roy Liu / Bloomberg News
The New York Stock Exchange has reversed its decision to delist China’s three largest telecommunications companies, after consulting with regulators on a recent US investment ban.
In a statement issued late Monday in New York, the Big Board said it no longer intends to continue the delisting action on China Mobile. Ltd.
CHL -5.89%
, China Telecom Corp.
CHA -5.48%
and China Unicom (Hong Kong) Ltd.
CHU -3.17%
The three telecommunications majors listed in Hong Kong increased the news. Shares of China Mobile, which is among the most valuable of China’s listed state-owned enterprises, rose 7.5% in late-morning trading on Tuesday, while China Telecom and China Unicom jumped 8.1% and 11% respectively.
NYSE’s earlier plan to delist the companies follows a U.S. government order signed by President Trump in November that bans Americans from investing in a list of companies that, according to the U.S. government, offer China’s military, intelligence and security services and support.
The ban would have started on January 11, and investors had until November to give up their holdings.
Write to Chong Koh Ping at [email protected] and Ben Otto at [email protected]
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