NYSE to delist three Chinese telecom giants
The New York Stock Exchange will delist securities of three major Chinese telecom companies as early as next week. The move comes after President Donald Trump barred Americans last month from investing in Chinese companies that Washington says are owned or controlled by the military.
The Big Board said the U.S. order makes China Mobile, China Telecom, and China Unicom unsuitable for listing. The NYSE’s move follows similar action taken by global index providers such as the Nasdaq and MSCI.
The companies could not be reached for comment.
So far, the Pentagon has compiled a list of 35 Chinese military companies that will be subject to the ban. The names include top chipmaker Semiconductor Manufacturing International.
China has condemned that ban. Fund managers say it could benefit non-U.S. investors who are able to buy the stocks.
