Wall Street to kick out Chinese telecom giants
January 2, 2021 8:39 am
The New York Stock Exchange (NYSE) said it will delist three Chinese telecommunications firms based on claimed links with its military
China Mobile, China Telecom and China Unicom Hong Kong have all been targeted by the Trump administration.
Shares in the telecoms giants will be suspended on the NYSE next week while proceedings to delist them have begun.
The companies earn all of their revenue in China and have no significant presence in the US.
The delisting is seen more as a symbolic blow amid heightened geopolitical tensions between the US and China.
The three firms’ shares are thinly traded in the US compared to their primary listings in Hong Kong. The state-owned companies dominate the telecoms industry in China.