Economy

NYSE scraps plans to write off Chinese telecom stocks

NYSE scraps plans to write off Chinese telecom stocks

China Mobile store in Hong Kong.


Photo:

Roy Liu / Bloomberg News

The New York Stock Exchange reversed its decision to write off the three largest Chinese telecom companies, after consulting with regulatory authorities about the recent US investment ban.

In a statement issued late Monday in New York, the senior board said it “no longer intends to proceed with the write-off procedure” in

China Mobile Ltd.

CHL -5.89%

And the

Chinese Telecom Corp.

No -5.48%

And the

China Unicom (Hong Kong) Ltd.

CHU -3.17%

Hong Kong-listed shares of the big three telecom companies rose on the news. Shares of China Mobile, among the most valuable state-owned companies listed in China, rose 7.5% in late morning trade Tuesday, while China Telecom and China Unicom each jumped 8.1% and 11%, respectively.

The New York Stock Exchange’s previous plan to write off companies came on the heels of a US government order signed by President Trump in November that prohibits Americans from investing in a list of companies that the US government says provide and support the Chinese military, intelligence and security services.

The ban was supposed to start on January 11th, and investors had until November to give up their holdings.

Write to Chung Kohping at chong.kohping@wsj.com and Bin Auto at ben.otto@wsj.com

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