NYSE to delist three Chinese telecom stocks, as US considers move on Alibaba and Tencent – KrASIA

The New York Stock Exchange on Wednesday announced that it will move forward with the delisting of the three Chinese telecom companies China Mobile (NYSE: CHL; HK:00941), China Telecom (NYSE: CHA; HK:00728), and China Unicom (NYSE: CHU; SH:600050; HK:00762), following an executive order from President Donald Trump, reversing an earlier decision not to delist them.

Trading of shares in the Chinese telecom carriers will end at 4:00 a.m. ET on Monday, NYSE said, after receiving “new specific guidance” from the Treasury Department’s Office of Foreign Assets Control on Tuesday. Last week, the bourse announced to delist the three companies to comply with the President’s order from November that seeks to bar US investment in companies with links to the Chinese military intelligence and security apparatuses.

US officials meanwhile also consider prohibiting Americans from investing in Alibaba Group and Tencent Holdings over their alleged ties to the military, the Wall Street Journal reported. Tencent and Alibaba are China’s two most valuable publicly listed companies, with a combined market capitalization of over USD 1.3 trillion.

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Chinese companies have long turned to American markets for capital and international prestige, raising at least USD 144 billion over more
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