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Three Chinese telecom companies to be delisted by NYSE

Reuters
·1 min read
A sign of China Unicom is seen on a street, during the coronavirus disease (COVID-19) outbreak in Shanghai

(Reuters) - Three Chinese telecommunications companies said on Friday they will be delisted by the New York Stock Exchange in line with U.S. investment restrictions dating to last year.

In separate announcements earlier on Friday, China Mobile Ltd; China Unicom and China Telecom Corp said they expect the NYSE to notify regulators of their delistings after the companies unsuccessfully appealed the move.

A NYSE spokesman declined to comment.

The delistings stem from investment restrictions put in place by former U.S. President Donald Trump targeting Chinese technology firms. President Joe Biden has left the rules in place amid continuing tensions between the world's two largest economies, despite objections from businesses.

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The companies said their delistings will be effective 10 days after the exchange files a Form 25 to the U.S. Securities and Exchange Commission.

(Reporting by Ross Kerber in Boston; editing by Diane Craft)