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Chinese Stocks Hit After US Delisting Notice

Business China China Business & Economy China Mobile China Telecom China-US News Chinese stocks delisting Markets New York Stock Exchange

Chinese Stocks Hit After US Delisting Notice

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WASHINGTON—Chinese stocks trading on U.S. exchanges dipped on Jan. 4 after the New York Stock Exchange announced that it would delist shares of China’s three large telecom companies in light of President Donald Trump’s new executive order regarding companies with ties to China’s military. On the first trading day of 2021, a sharp fall in the shares of three Chinese telecom carriers led to an initial sell-off across Chinese shares on U.S. stock markets amid fears of further U.S. sanctions. The New York Stock Exchange (NYSE) announced on Dec. 31 that it would delist the three state-owned companies China Mobile Ltd., China Telecom Corp. Ltd., and China Unicom (Hong Kong) Ltd. The announcement came after Trump’s executive order that banned investing in companies with ties to the Chinese military, formally known as the People’s Liberation Army (PLA). In the coming days, the NYSE will suspend trading of American depositary receipts (ADRs) of these three companies. …

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