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NYSE confirms the un-delisting of three Chinese telecom giants

1 min read

New York Stock Exchange

The New York Stock Exchange said it no longer plans to delist three Chinese telecommunications giants.

In a late Monday statement, the NYSE said it dropped the plans after “further consultation with relevant regulatory authorities in connection with Office of Foreign Assets Control.”

Hong Kong-listed shares of China Telecom, China Mobile and China Unicom rallied after news of the reversal.

The announcement comes after the NYSE said on Dec. 31 that it would move to delist American depositary shares of China Telecom, China Mobile and China Unicom.

On Monday, the China Securities Regulatory Commission said the executive order was based on “political purposes” and “entirely ignored the actual situations of relevant companies and the legitimate rights of the global investors, and severely damaged market rule and order.”

Major stock index giants like MSCI, S&P Dow Jones Indices and FTSE Russell as well as popular trading app Robinhood have also taken steps to comply with the executive order.

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