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Huawei Supplier Surges in Hong Kong After Canceling NYSE Listing

Shanghai-based SMIC, whose biggest customer is the parent of Huawei Technologies Co., the high-profile subject of a U.S. ban, led gains on the MSCI China Index with a 9.3% rally Monday morning. It was a different story for its ADSs, which tumbled 5.6% on Friday in New York after the firm said its board approved delisting due to considerations including limited trading volume and costs. “The rise in the shares today is mainly due to expectations that U.S. trades in the stock will be funneled ov...
Tags: Hong Kong, New York, Science, Shanghai, Huawei Technologies Co, SMIC, MSCI China Index, Huawei Supplier Surges, Csc International Holdings Ltd, Zhu Jixiang