China telcos shares lose billions in first trading day since NYSE announcement
China’s three big telecom companies lose another US$1.5 billion of market value on concerns related to New York Stock Exchange’s (NYSE) delisting plan.
The NYSE said on Thursday that it will delist China Telecom Corp. Limited, China Mobile Limited, and China Unicom Hong Kong Limited.
As per local media reports, the stock slump wiped out about US$1.5 billion of market value from China Mobile and China Telecom at the close of trading on Monday, the first trading session since the New York Stock Exchange (NYSE) said it would delist the firms.
China Unicom, however, rebounded from as much as a 3.8 per cent slide. The trio saw their combined market value shrink by HK$610 billion in 2020.
London’s FTSE Russell said on Monday it will delete three Chinese companies from its indexes. China United Network Communications, Nanjing Panda Electronics and Semiconductor Manufacturing International Corporation (SMIC) will be deleted from its FTSE Global Equity Index Series as well as the FTSE Global China A Inclusion Indexes from Thursday.
