NYSE scraps plan to delist shares of Chinese telecom giants

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Shares of China Mobile, China Telecom and Unicom rallied on the latest development, rising more than 6 per cent in Hong Kong trading.

PHOTO: REUTERS

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NEW YORK (BLOOMBERG) - The New York Stock Exchange (NYSE) said it will no longer delist China's three biggest state-owned telecommunications companies, backtracking on a plan that had threatened to escalate tensions between the world's largest economies.
NYSE cited "consultation with relevant regulatory authorities" in a brief statement late Monday (Jan 4) announcing the reversal.
Shares of China Mobile, China Telecom and Unicom rallied on the latest development, rising more than 6 per cent in Hong Kong trading.
Calls and emails to the companies weren't immediately returned Tuesday.
It was the first time an American exchange had announced plans to remove a Chinese company as a direct result of rising geopolitical tensions between the two superpowers.
The former have turned to the US stock market for capital and international prestige for more than two decades, raising at least US$144 billion (S$189.73 billion) from some of the world's largest investors.
Wall Street banks are particularly keen to see a ratcheting down of tensions after gaining unprecedented scope to operate in China last year.
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