Wall Street reverses plan to kick out Chinese telecom companies

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The New York Stock Exchange has reversed its decision to kick out three of China's largest state-owned telecom companies

The exchange said late Monday that it no longer intends to delist the firms after"further consultation with relevant regulatory authorities," and that they will continue to be listed and traded on the NYSE"at this time."

The NYSE said, however, that it would"continue to evaluate the applicability" of that order to the companies and their status on the exchange. The original announcement to delist was met with heavy criticism in China, where the country's Ministry of Commerce said over the weekend that Beijing would take"necessary measures" to safeguard the interests of Chinese companies. The ministry added that it opposes the inclusion of such firms on what it called Washington's list of"Communist Chinese military companies."

All three of the telecom companies have traded in New York for many years. China Mobile, the country's largest telecom company, has been listed on the New York Stock Exchange since 1997. Rivals China Telecom and China Unicom, meanwhile, have been trading there since the early 2000s.

 

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