China telecom shares suspended from trading


AP

HONG KONG — Trading in Chinese telecom shares listed in Hong Kong and Shanghai was halted Friday amid reports that Beijing will soon unveil a long-awaited plan to overhaul the country’s telecommunications industry. Shares of China Unicom and China Netcom Group were suspended in Hong Kong from trade pending a “price sensitive” announcement, the companies said in statements to the territory’s exchange.

Before trading stopped, China Unicom shares gained 12 percent to HK$18.48 and China Netcom shares climbed 12 percent to HK$27.05. The blue-chip Hang Seng Index was down 0.5 percent at the midday break.

In Shanghai, trading was also suspended in China United Telecommunications — which holds a stake in China Unicom and is the only listed telecom operator in the mainland. The stock was up 5.1 percent at the midday break.