S&P Dow Jones Indices to drop Chinese state telecom companies

S&P Dow Jones Indices said on Wednesday it will remove the American Depositary Receipts of three Chinese state-owned telecom companies, China Mobile, China Telecom Corporation, and China Unicom (Hong Kong), from its benchmarks, Reuters reports.

"S&P DJI's announcement to move forward with removing the above-referenced ADRs from its indices is due to the New York Stock Exchange's (NYSE's) latest confirmation that the ADRs will be delisted," it said in an emailed statement.

The NYSE said on Wednesday it will delist the three Chinese companies effective January 11, confirming its latest reversal on the matter a day after U.S. Treasury Secretary Steve Mnuchin told the NYSE chief he disagreed with an earlier decision to reverse the delistings.