As the $CHINA MOBILE (00941.HK)$Having completed their listing on the A-share market, the three major telecommunications giants, $CHINA TELECOM (00728.HK)$、 $CHINA UNICOM (00762.HK)$China Mobile have returned to the embrace of the A-share market, achieving an "A+H" market layout.
However, prior to this, the listing journey of the three major operators has been fraught with twists and turns.
Starting in 1997, the three major telecommunications giants began to list on the New York Stock Exchange (NYSE) successively, and simultaneously listed on the Hong Kong Stock Exchange (HKEX), at that time still in the "Hong Kong + USA" dual listing format.
● China Mobile was listed in the United States in 1997, with the stock code CHL;
● China Unicom was listed in the United States in 2000, with the stock code CHU;
● China Telecom was listed in the United States in 2002, with the stock code CHA.
Subsequently, time moved to December 31, 2020, Eastern Time, when the NYSE announced the initiation of delisting procedures for the three giants. On May 7 of this year, the three major operators announced that the New York Stock Exchange maintained its delisting decision, and the three giants resolutely departed from the US stock market.
During the twists and turns experienced by the three giants, my mind was filled with countless questions:
① Why did the three giants initially choose to list in the Hong Kong and US markets instead of A-shares?
② Why did the three giants later choose to delist from the US and return to A-shares?
③ For the three giants achieving the "A+H" layout, what is their long-term investment value?