NYSE to write off the top 3 Chinese telecom companies in compliance with Trump’s executive order

Last update: Dec.31, 2020 at 10:10 PM ET

First posted: Dec 31, 2020 at 10:07 PM ET

China Mobile has been listed on the New York Stock Exchange since 1997.
AFP / Getty Images

The New York Stock Exchange announced late Thursday that it had begun to write off measures by the three largest Chinese telecoms companies in order to comply with an executive order issued by President Donald Trump targeting companies of the Chinese military.

Trading of US depository shares of China Mobile Ltd. will be suspended from trading. CHL and China Telecom Corp. Ltd. CHA and China Unicom (Hong Kong) Ltd. 8 will be executed, and in this case the circulation …

The New York Stock Exchange announced late Thursday that it had begun to write off measures by the three largest Chinese telecoms companies in order to comply with an executive order issued by President Donald Trump targeting companies of the Chinese military.

Trade of China Mobile Ltd. US depository shares.

CHL

And the
China Telecom Corp. Ltd.

No

And China Unicom (Hong Kong) Limited.

CHU

The New York Stock Exchange said that it will be suspended on January 7, unless it is confirmed that the deals executed on January 7 and January 8 will be executed, in which case trading will be suspended on January 11. The New York Stock Exchange said it will provide more information as it becomes available.

The New York Stock Exchange said it will apply to the Securities and Exchange Commission to write off the shares upon completion of the proceedings, including any potential appeals.

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Trump signed the order on November 12, Prevent Americans from investing in a handful of Chinese companies that the United States claims to support or supply the Chinese military.

The three companies dominate the mobile phone business in China. China Mobile is the largest telecom company in China, with a market value of about $ 116 billion. Listed on the New York Stock Exchange since its blockbuster, $ 4.2 billion IPO In 1997. China Telecom is listed on the New York Stock Exchange Since 2002, And its market value is about $ 22.5 billion. China Unicom is listed by the New York Stock Exchange Since 2000, With a current market value of about $ 18 billion.

All three companies are also listed in Hong Kong.

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