The New York Stock Exchange reversed its decision to delist China’s three largest telecommunications companies, after consulting with regulatory authorities about a recent U.S. investment ban.
In a statement released Monday night Eastern time, the Big Board said “it no longer intends to move forward with the delisting action” on China Mobile Ltd., China Telecom Corp. and China Unicom (Hong Kong) Ltd.
The Hong Kong-listed shares of the three telecom majors surged on the news. Shares of China Mobile, which is among the most valuable of China’s listed state-owned enterprises, closed 5.1% higher on Tuesday, while China Telecom and China Unicom jumped 3.3% and 8.5% respectively.
NYSE’s earlier plan to delist the companies followed a U.S. government order, signed by President Trump in November, that prohibits Americans from investing in a list of companies the U.S. government says supply and support China’s military, intelligence and security services.
The trading ban was supposed to start on Jan. 11, and investors would have until November to shed their holdings.
