Shares of Chinese companies trading with the U.S. fell on Wednesday as the New York Stock Exchange once again changed its mind on whether to deliver three of China-based telecom stocks.
American investment receipts of China Mobile Ltd. CHL,
fell 7%, while ADRs of China Telecom Corp. CHA,
decreased 4% and China Unicom (Hong Kong) Ltd. CHUFF,
it fell 27% after the NYSE said Wednesday it would issue the securities.
That follows Tuesday, when shares of U.S.-registered Chinese companies rallied after NYSE reported late Monday that it would not hand over the companies, reversing a decision announced on Dec. 31 that be.
The exchange’s back and forth action comes from a ruling order by President Donald Trump back in November scheduled to take effect on Jan. 11.
Accordingly, the internet KraneShares China ETF KWEB,
down 0.5%, while the iShares MSCI China ETF MCHI,
down less than 0.1%.
Similarly, the U.S. traded shares of Alibaba Group Holding Ltd. BABA,
1.5% decline, shares of Pinduoduo Inc. PDD,
fell 2.3%, JD.com Inc. JD,
fell 4.3%, and Baidu Inc. BIDU,
slipped 0.9%.