NYSE Abandons Plans To Delist Three Chinese Telecom Companies

(RTTNews) - The New York Stock Exchange abandoned its plans to delist three Chinese telecom companies, after consulting with regulatory authorities. But, it did not provide specific reason for the sudden reversal.

The NYSE said in a statement that it no longer intends to move forward with the delisting action on China Mobile Ltd., China Telecom Corp. and China Unicom (Hong Kong) Ltd.

All three companies are also listed in Hong Kong.

On December 31, 2020, the NYSE said it had started proceedings to delist the securities of three Chinese telecommunications companies in order to comply with a U.S. executive order that imposed restrictions on companies identified as affiliated with the Chinese military.

The NYSE then said the three Chinese companies would be suspended from trading between January 7 and January 11.

U.S. President Donald Trump signed an executive order in November 2020 that prohibited U.S. investors from buying and selling shares in a list of Chinese companies designated by the U.S. as having military ties.