NYSE says no longer intends to delist three Chinese telecom firms

Reuters

Posted at Jan 05 2021 12:25 PM

NYSE says no longer intends to delist three Chinese telecom firms 1
View of the NYSE building during snowfall in the Financial District of Manhattan, New York City, New York, U.S., December 17, 2020. Jeenah Moon, Reuters

The New York Stock Exchange said on Monday it no longer intends to move forward with the delisting of China Mobile Ltd, China Telecom Corp Ltd and China Unicom Hong Kong Ltd.

The exchange said in a statement published on its website that it made the decision "in light of further consultation with relevant regulatory authorities."

The NYSE said last week it would delist the three companies following the US government's move in November to block investment in 31 firms deemed to be owned or controlled by the Chinese military.

Hong Kong-listed shares in the three firms surged on the announcement, with China Unicom up 9 percent, while China Mobile and China Telecom each gained 7 percent.

China Unicom said it planned to issue a statement later in the day. Representatives for China Mobile and China Telecom were not immediately available for comment.

China's foreign ministry had called the planned delisting of the three companies "unwise" and denounced what it said were "random, arbitrary and uncertain" rules.

(Reporting by Se Young Lee and Pei Li; Editing by Tom Hogue and Edwina Gibbs)