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New York Stock Exchange Reverses Plans to Remove Three Chinese Telecom Firms from Index

FILE - A giant American flag hangs on the New York Stock Exchange, Sept. 21, 2020.

The New York Stock Exchange says it will no longer go ahead with plans to remove three Chinese telecommunication companies from the index in compliance with an executive order issued by U.S. President Donald Trump.

The exchange said Monday on its website that it reversed its previous decision after “further consultation” with regulators.

The NYSE said last Thursday it was removing state-owned China Telecom Corp Limited, China Mobile Limited and China Unicom Hong Kong Limited under Trump’s order issued in November that bars American companies and individuals from investing in at least 31 firms believed to be linked to the Chinese military.

China’s commerce ministry warned Saturday that Beijing would take “necessary countermeasures” to protect its companies.

Shares in all three companies gained well over 5% on Hong Kong’s benchmark Hang Seng index Monday.