CHU - 4 Lessons From China Mobile's Delisting Debacle
China Mobile (NYSE: CHL) , the largest telecom company in China, and its two smaller peers, China Telecom (NYSE: CHA) and China Unicom (NYSE: CHU) , were all recently targeted with a delisting order from the Trump administration.
Last November, President Donald Trump issued an executive order that barred American citizens from purchasing shares of U.S.-listed Chinese companies with alleged ties to the Chinese military after Jan. 11. Selling existing positions in those securities would be permitted until Nov. 11. All three telcos were included on that list.
On New Year's Eve, the New York Stock Exchange announced it would suspend trading in all three companies from Jan. 7 to Jan. 11 and start the delisting process. The announcement caused all three stocks to tumble.
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4 Lessons From China Mobile's Delisting Debacle