Last updated: 31 December 2020 at 22:10 ET
First published: December 31, 2020 at 10:07 PM ET
China Mobile has been listed on the NYSE since 1997.
AFP / Getty Images
The New York Stock Exchange announced late Thursday that the three largest Chinese telecommunications companies have begun delisting procedures to comply with an executive order of President Donald Trump targeting companies affiliated with China’s military.
Trading of US Deposit Shares by China Mobile Ltd. CHL, China Telecom Corp. Ltd. CHA and China Unicom (Hong Kong) Ltd. CHU will be suspended on January 7, unless it can be confirmed that trading was conducted on January 7 and January. 8 will be executed, in which case trade …
The New York Stock Exchange announced late Thursday that the three largest Chinese telecommunications companies have begun delisting procedures to comply with an executive order of President Donald Trump targeting companies affiliated with China’s military.
Trading of US Deposit Shares by China Mobile Ltd.
CHL
,
China Telecom Corp. Ltd.
CHA
and China Unicom (Hong Kong) Ltd.
CHU
will be suspended Jan. 7 unless it can be confirmed that trades conducted on Jan. 7 and Jan. 8 will be executed, in which case trades will be suspended on Jan. 11, the NYSE said. The NYSE said it would provide further information as available.
The NYSE said it would apply to the Securities and Exchange Commission to delist the shares after the proceedings, including possible appeals.
Trump signed the order on Nov. 12, banning Americans from investing in a handful of Chinese companies the U.S. military supports or supplies.
The three companies dominate China’s mobile business. China Mobile is China’s largest telecommunications company and has a market capitalization of approximately $ 116 billion. It has been listed on the NYSE since 1997, a $ 4.2 billion exchange in 1997. China Telecom has been listed on the NYSE since 2002 and has a market capitalization of approximately $ 22.5 billion. China Unicom has been listed by the NYSE since 2000, with a current market capitalization of approximately $ 18 billion.
All three companies are also listed in Hong Kong.