Shares traded in the U.S. by Chinese companies fell on Wednesday when the New York Stock Exchange changed its mind about whether or not to withdraw a trio of China-based telecommunications shares.
China Mobile Ltd. American Deposit Receipts CHL,
fell 7%, while China Telecom Corp.’s ADRs fell. CHA,
fell 4% and China Unicom (Hong Kong) Ltd. CHUFF,
fell 27% after the NYSE said Wednesday it would withdraw stocks.
That happens on Tuesday, when U.S.-listed shares of Chinese companies were concentrated after the NYSE statement Monday afternoon would not withdraw the companies, reversing a decision announced on Dec. 31 that it would.
The round-trip action of the exchange stems from an executive order by President Donald Trump in November scheduled to take effect on January 11th.
Accordingly, KraneShares China KWEB Internet ETF,
fell 0.5%, while iCHhares MSCI China ETF MCHI ETF,
fell less than 0.1%.
Similarly, the US traded shares in Alibaba Group Holding Ltd. BABA,
decreased by 1.5%, shares of Pinduoduo Inc. PDD,
fell 2.3%, JD.com Inc. JD,
fell 4.3% and Baidu Inc. START,
fell 0.9%.