China telecom firms slide after New York delisting as oil giants fret

Hong Kong: Shares in China’s big three state-owned telecom companies slid in Hong Kong Monday during the first day of trading since the New York Stock Exchange announced it was delisting the firms.

Friday’s move by the NYSE seeks to comply with an order by outgoing US President Donald Trump barring investment in firms with ties to the Chinese military.

As trading began in Hong Kong, China Mobile Communications, China Telecommunications Corp and China Unicom (Hong Kong) Limited all dipped more than three percent.