China internet stocks surge after NYSE says it won’t delist three Chinese telecom names
U.S.-listed shares of Chinese companies rallied Tuesday after the New York Stock Exchange backtracked, saying it no longer planned to delist three Chinese telecommunications stocks from its exchange.
The New York Stock Exchange, part of Intercontinental Exchange Inc., intended to delist China Mobile Ltd. CHL,
See more: NYSE reverses course, says it won’t delist 3 largest Chinese telecoms
The reversal news sparked a rally in other hot shares of Chinese companies. In the internet arena, U.S.-listed shares of Alibaba Group Holding Ltd. BABA,
The KraneShares China Internet ETF KWEB,
The U.S. government has signaled increased pressure for Chinese companies that list or wish to list on U.S. exchanges. The government has sought to apply stricter auditing standards for Chinese companies whose shares trade in the U.S., and the New York Stock Exchange’s initial plan to delist the three Chinese telecommunications companies came in response to an executive order from President Donald Trump barring those in the U.S. from investing in companies thought to have ties to the Chinese military.
The New York Stock Exchange later said that “in light of further consultation with relevant regulatory authorities” it would pull back on the plans to delist the three companies.
