2021-01-05 15:49:57 source: CGTN
A sign for Wall Street hangs outside near the New York Stock Exchange./VCG
The New York Stock Exchange (NYSE) on Monday said it no longer intends to move forward with the delisting action against China Mobile, China Unicom (Hong Kong), and China Telecom, which was announced on December 31, 2020.
The exchange, in a statement published late Monday on its website, said it made the decision "in light of further consultation with relevant regulatory authorities in connection with the Office of Foreign Assets Control."
A screenshot of the NYSE statement on January 4, 2021. /Intercontinental Exchange
China Unicom (Hong Kong) and China Telecom said they have noted: "that the NYSE has updated its earlier decision" and they "will continue to be listed and traded on the NYSE," according to announcements to the Hong Kong Exchanges and Clearing (HKEX) on Tuesday.
China Mobile had no announcement as of press time.
After news of the reversal, all three Chinese telecom giants saw their Hong Kong-listed shares rally, and their H shares rose over 5 percent before the lunch break on Tuesday.
The announcement came four days after the NYSE said it would suspend trading in shares of the three Chinese telecom companies between January 7 and January 11 and proceedings to delist them had started.
The exchange had originally planned to comply with an executive order issued in November by the Trump administration that imposes restrictions on companies identified as "affiliated with the Chinese military."
The three telecom giants said in their respective announcements to the HKEX on Monday that they had not received notification from the NYSE on its decision to delist their American Depositary Shares (ADSs).
(Edited by Ye Ke)