Ben Otto

The New York Stock Exchange no longer plans to delist three China telecommunications giants from its bourse, reversing course from a decision last week that was made over concerns of the companies' alleged ties to the Chinese military.

NYSE said in a statement late Monday that it wouldn't delist the securities of China Mobile Ltd., China Telecom Corp. and China Unicom Hong Kong Ltd., citing "further consultation with relevant regulatory authorities."

The Hong Kong-listed shares of the three telecom majors jumped on the news. Shares of China Mobile, which is among the most valuable of China's listed state-owned enterprises, were up 6.7% in midday trade, while China Telecom and China Unicom rose 6.7% and 8.5%, respectively.

The NYSE last week said it would move to delist the three companies following a U.S. government order barring Americans from investing in companies it says help the Chinese military.

Write to Ben Otto at ben.otto@wsj.com

(END) Dow Jones Newswires

January 04, 2021 22:39 ET (03:39 GMT)

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