Last update: December 31, 2020 at 22:10 ET
First post: December 31, 2020 at 10:07 PM ET
China Mobile has been listed on the NYSE since 1997.
AFP / Getty Images
The New York Stock Exchange announced Thursday afternoon that it has begun withdrawing paperwork from the three largest Chinese telecommunications companies in order to comply with an executive order from President Donald Trump aimed at companies affiliated with the Chinese military.
The US depositary trade of China Mobile Ltd. CHL, China Telecom Corp. Ltd. CHA and China Unicom (Hong Kong) Ltd. CHU will be suspended on January 7, unless it can be confirmed that the trades were executed on January 7 and January. 8 will be executed, in this case it is negotiated …
The New York Stock Exchange announced Thursday afternoon that it has begun withdrawing paperwork from the three largest Chinese telecommunications companies in order to comply with an executive order from President Donald Trump aimed at companies affiliated with the Chinese military.
US Depository Trading of China Mobile Ltd.
CHL
,
China Telecom Corp. Ltd.
NO
and China Unicom (Hong Kong) Ltd.
CHU
will be suspended on Jan. 7, unless it can be confirmed that operations conducted on Jan. 7 and 8 will be executed, in which case trading will be suspended on Jan. 11, the NYSE said. The NYSE said it will provide more information when it becomes available.
The NYSE said it will ask the Securities and Exchange Commission to withdraw the shares when the proceedings are completed, including possible appeals.
Trump signed the order on Nov. 12, banning Americans from investing in a handful of Chinese companies the U.S. claims to support or supply to the Chinese military.
All three companies dominate China’s mobile business. China Mobile is China’s largest telecommunications company and has a market cap of about $ 116 billion. It has been listed on the NYSE since its blockbuster, the $ 4.2 million IPO in 1997. China Telecom has been listed on the NYSE since 2002 and has a market capitalization of about $ 22.5 billion. China Unicom has been listed on the NYSE since 2000, with a current market capitalization of about $ 18 billion.
All three companies are also listed in Hong Kong.