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NYSE Removes Plans to Delist Chinese Telecom Stocks

Published by

December 5, 2024
(GMT+2)

The New York Stock Exchange reversed its decision to delist China’s three biggest telecommunications companies, after consulting with administrative authorities over a recent US investment removal.In a statement that was released on Monday night Eastern time, the Big Board stated “it no longer intends to move forward with the delisting action” on China Mobile Ltd., China Telecom Corp. and China Unicom (Hong Kong) Ltd.The Hong-Kong-listed shares of the three main telecom companies surged on the news. Shares of China Mobile, which is among the most valuable of China’s listed state-owned enterprises, climbed as much as 7.5% in late morning trade on Tuesday, while China Telecom and China Unicom leaped 8.1% and 11%, respectively.NYSE’s earlier plan to delist the companies followed a US government order, signed by President Trump in November, that forbids Americans from investing in a list of companies the US government says supply and support China’s military, security services and intelligence.

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