A China Mobile store in Hong Kong.
Photo:
Roy Liu / Bloomberg News
The New York Stock Exchange reversed its decision to withdraw China’s three largest telecommunications companies, after consulting with regulators over a recent U.S. investment ban.
In a statement released last Monday in New York, the Big Board said it “no longer intends to proceed with the withdrawal action” on China Mobile Ltd.
CHL -5.89%
, China Telecom Corp.
NO -5.48%
and China Unicom (Hong Kong) Ltd.
CHU -3.17%
Shares in Hong Kong of the three largest telecommunications companies rose in the news. Shares of China Mobile, which is one of China’s most listed state-owned companies, rose 7.5% in trading late Tuesday morning, while China Telecom and China Unicom jumped 8.1 % and 11%, respectively.
The NYSE’s previous plan to withdraw companies followed a U.S. government order, signed by President Trump in November, that bans Americans from investing in a list of companies, according to the U.S. government, that supply and give support for China’s military, intelligence and security services.
The ban was due to start on January 11 and investors had until November to leave their stakes.
Write to Chong Koh Ping to [email protected] and Ben Otto to [email protected]
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