World News – AU – NYSE reverses course, says China’s three largest telecommunications companies will not delist

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3

. .

In a major reversal, the New York Stock Exchange stated it no longer intended to delist three Chinese telecommunications companies targeted by President Donald Trump’s Executive Order.

In a statement late Monday, the NYSE withdrew its intention to delist China Mobile Ltd. A
CHL,
-5. 89%,
China Telecom Corp. . GmbH. A
CHA,
-5. 48%
and China Unicom (Hong Kong) Ltd. .
CHU,
-3. 17%
What it had announced late on New Year’s Eve.

The American depository receipts of all three companies had plummeted on Monday. All three companies are also listed in Hong Kong, where China Mobile shares
941,
5. 47%,
Chinese Telecom
728,
5. 74%
and China Unicom
762,
6th. 71%
shot in Tuesday trading after the announcement.

The NYSE said the reversal comes amid further consultations with regulators. a????

The exchange, the Intercontinental Exchange Inc. Belongs.
ICE,
-1. 73%,
did not elaborate on its decision other than to say, « At this point, issuers will continue to be listed and traded on the NYSE. « . NYSE Regulation will continue to evaluate the applicability of Executive Order 13959 to these issuers and their continued listing status. â ????

The delisting announcement last week came in line with an order from President Donald Trump that Americans are not allowed to invest in a handful of Chinese companies that the U. S.. . Claim assistance or supply the Chinese military.

The executive order could become a moot point in two more weeks once Trump leaves office if new President Joe Biden repeals it. The order is expected on 1. Effective January. 11, a little over a week before Biden’s inauguration.

The three companies dominate China’s wireless business. China Mobile is China’s largest telecommunications company and has a market capitalization of around $ 116 billion. It’s been listed on the NYSE since its blockbuster, $ 4. 2 billion initial public offerings in 1997. China Telecom has been listed on the NYSE since 2002 and has a market capitalization of around $ 22. 5 billion. China Unicom has been listed on the NYSE since 2000 and currently has a market capitalization of around $ 18 billion.

Prices for cryptocurrencies rose late Monday after a Bundesbank regulator informed U.. S.. . Financial institutions are allowed to use stablecoins for payment activities and participate as nodes in a blockchain.

New York Stock Exchange, China, Delisting, Donald Trump, Telecommunications

World News – AU – NYSE reverses course, says three largest Chinese telecommunications companies will not be delisted

Ref: https://www.marketwatch.com

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