Stock prices for three major Chinese telecommunications companies set to be delisted from the New York Stock Exchange slumped Monday in their first day of trading after the decision was announced.
Jan.4 (UPI) — Stock prices for three major Chinese telecommunications companies set to be delisted from the New York Stock Exchange slumped Monday in their first day of trading after the decision was announced. China Mobile, China Unicom and China Telecom each fell substantially in overnight trading on the Hong Kong stock exchange in the wake of the NYSE’s decision Thursday to delist their American depositary receipts beginning next week. The move was made following an executive order from the Trump administration preventing U.S. residents from investing in companies tied to China’s military. China Mobile and China Telecom lost a combined $1.5 billion of market value in Monday’s Hong Kong trading. China Telecom dropped 2.8%, its lowest level since March, while China Mobile fell by 0.
