Shares in China’s state-owned telecommunications companies declined in Hong Kong trading after the New York Stock Exchange (NYSE) said it was delisting them, to comply with a U.S. executive order that sanctioned firms identified as affiliated with the Chinese military.
The American depositary receipts (ADRs) of the three firms will be suspended from trading between Jan. 7 and Jan. 11, and the process of delisting them has started, NYSE said.
Shares of China Mobile Ltd., the largest of the three, fell as much as 4.5% on Monday to their lowest level since 2006, while China Telecom Corp. dropped 5.6%. The two posted their biggest intraday losses since mid-November. China Unicom Hong Kong Ltd. slipped 3.6%.
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