HONG KONG, Jan 4 — Shares in China’s big three state-owned telecom companies slid in Hong Kong today during the first day of trading since the New York Stock Exchange announced it was delisting the firms. Friday’s move by the NYSE seeks to comply with an order by outgoing US President Donald...
Monday, 04 Jan 2021 12:23 PM MYT
Friday’s move by the NYSE seeks to comply with an order by outgoing US President Donald Trump barring investment in firms with ties to the Chinese military. In November, Trump signed an executive order banning Americans from investing in Chinese companies deemed to be supplying or supporting Beijing’s military and security apparatus, earning a sharp rebuke from China.
“Chinese telcos’ operations are mainly domestic focused and their sound fundamentals along with recovery trends and positive cash flows will not be affected by the delisting,” the bank wrote in a research report, according to Bloomberg News.
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