China's three big telecom companies have lost 1.5 billion US dollars of market value on concerns related to New York Stock Exchange's (NYSE) delisting plan. The NYSE said on Thursday that it will delist China Telecom Corp. Limited, China Mobile Limited and China Unicom Hong Kong Limited.

As per local media reports, the stock slump wiped out about 1.5 billion US dollars of market value from China Mobile and China Telecom at the close of trading today, the first trading session since the New York Stock Exchange (NYSE) said it would delist the firms. China Unicom, however, rebounded from as much as a 3.8 per cent slide. The trio saw their combined market value shrink by 610 billion HK dollars in 2020.

London's FTSE Russell today said it will three Chinese companies from its indexes. China United Network Communications, Nanjing Panda Electronics and Semiconductor Manufacturing International Corporation (SMIC) will be d from its FTSE Global Equity Index Series as well as the FTSE Global China A Inclusion Indexes from Thursday. President Donald Trump issued an executive order in November banning US investors from owning or trading in 35 Chinese companies linked to the Chinese military.

The China Securities Regulatory Commission yesterday said the action was based on political purposes and it will have limited impact. Chinese Foreign Ministry said it opposes US Government behavior of politicizing trade issues.