Property News · January 4, 2021

China’s Big Telcos lose another US$1.5 billion of market value in sell-off on NYSE delisting plan despite late rebound


China’s Big Telcos slumped in Hong Kong trading before a late buying support helped pare losses triggered by the New York Stock Exchange’s decision to delist their American depositary receipts from later this week.Investors dumped China Mobile, China Unicom and China Telecom in Hong Kong in early trading on Monday on concerns the NYSE action would force investors to convert their ADRs into those traded in the city to comply with a US executive order.The stock slump wiped out about HK$12 billion…

Source : South China Morning Post
Read more…China’s Big Telcos lose another US.5 billion of market value in sell-off on NYSE delisting plan despite late rebound

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