Last update: December 31, 2020 at 22:10 ET
First published: December 31, 2020 at 22:07 ET
China Mobile has been listed on the NYSE since 1997.
AFP / Getty Images
The New York Stock Exchange announced late Thursday that it has begun deregulating procedures for China’s three largest telecommunications companies to comply with an executive order by President Donald Trump targeting companies affiliated with the Chinese military.
Trading in US Mobile Shares of China Mobile Ltd. CHL, China Telecom Corp. Ltd. CHA and China Unicom (Hong Kong) Ltd. CHU will be suspended on January 7, unless it can be confirmed that the transactions were executed on January 7 and January. 8 will be executed, in which case the trading …
The New York Stock Exchange announced late Thursday that it has begun deregulating the procedures of China’s three largest telecommunications companies to comply with an executive order by President Donald Trump targeting companies affiliated with the Chinese military.
Trading in US Mobile Shares of China Mobile Ltd.
CHL
,
China Telecom Corp. Ltd.
NOT
and China Unicom (Hong Kong) Ltd.
CHU
will be suspended on Jan. 7, unless it can be confirmed that transactions executed on Jan. 7 and Jan. 8 will be executed, in which case trading will be suspended on Jan. 11, the NYSE said. The NYSE said it will provide additional information as available.
The NYSE has stated that it will address the Securities and Exchange Commission for the cancellation of stocks upon completion of the proceedings, including any appeals.
Trump signed the order on Nov. 12, banning Americans from investing in a handful of Chinese companies that the U.S. is seeking support from or providing for the Chinese military.
The three companies dominate China’s mobile phone business. China Mobile is the largest telecommunications company in China and has a market capacity of about $ 116 billion. It was listed on the NYSE since its blockbuster IPO of $ 4.2 billion in 1997. China Telecom has been listed on the NYSE since 2002 and has a market capitalization of approximately $ 22.5 billion. China Unicom has been listed by the NYSE since 2000, with a current market capitalization of about $ 18 billion.
All three companies are also listed in Hong Kong.