S&P Dow Jones Says It Will Cancel Deletion of China Telco ADRs

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(Bloomberg) — S&P Dow Jones Indices said it will no longer delete the U.S.-listed shares of three Chinese telecom firms from its benchmarks, a move that was set to take effect on Thursday.

© Bloomberg A Wall Street street sign in front of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Jan. 4, 2021. In a historic year that marked a rapid plunge into bear market territory and a swift recovery into the bull zone, high-flying technology stocks and electric-vehicle pioneer Tesla Inc. were standout trades.

The index provider will keep the American depository receipts of China Mobile Ltd., China Telecom Corp. and China Unicom Hong Kong Ltd. after the New York Stock Exchange on Monday appeared to cancel its plan to delist the shares, according to an emailed statement. S&P Dow Jones said it had no comment on the possibility that NYSE will reverse course yet again.

The trio of companies lost more than $30 billion in market value in the final weeks of 2020 after U.S. President Donald Trump said he’s cutting off U.S. investment in companies tied to China’s military. The companies have their primary listings in Hong Kong.

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