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The New York Stock Exchange announced late Thursday it has begun delisting proceedings the three largest Chinese telecommunications companies in order to comply with an executive order by President Donald Trump targeting companies affiliated with China’s military.
Trading of American depositary shares of China Mobile Ltd. CHL, +0.88%, China Telecom Corp. Ltd. CHA, -0.04% and China Unicom (Hong Kong) Ltd. CHU, -1.56% will be suspended Jan. 7, unless it can be confirmed that trades executed Jan. 7 and Jan. 8 will be executed, in which case trading will be suspended Jan. 11, the NYSE said. The NYSE said it will provide further information as available.
The NYSE said it will apply to the Securities and Exchange Commission to delist the stocks upon completion of the proceedings, including any potential appeals.
Trump signed the order Nov. 12, banning Americans from investing in a handful of Chinese companies that the U.S. claim support or supply the Chinese military.
The three companies dominate China’s mobile business. China Mobile is China’s largest telecom company, and has a market cap of about $116 billion. It has been listed on the NYSE since its blockbuster, $4.2 billion IPO in 1997. China Telecom has been listed on the NYSE since 2002, and has a market cap of about $22.5 billion. China Unicom has been listed by the NYSE since 2000, with a current market cap of about $18 billion.
All three companies are also listed in Hong Kong.
