NYSE U-turn On China Telco Ban

The New York Stock Exchange (NYSE) has announced that it will no longer delist the mainland's three biggest telecommunications carriers, sending their shares sharply higher in Hong Kong.

The about-face came just days after the NYSE said on December 31 that it would delist China Mobile, China Unicom and China Telecom to comply with an executive order by the White House restricting the trading of companies that Washington identifies as being linked to the Chinese military.

The NYSE explained that its latest decision was a result of “further consultation with relevant regulatory authorities”.

Shares in the three firms each rose about 6 to 7 percent in Hong Kong by around midday on Tuesday.

Outgoing US President Donald Trump issued an executive order in November, barring the trading of firms his administration deems as "Communist Chinese military company" from January 11.

The executive order prompted major index providers, including FTSE Russell, MSCI and S&P Dow Jones Indices, to remove the blacklisted Chinese companies from their products.