The three Chinese telecom operators most affected by a state-ordered sectoral shake-up saw their combined market capitalisation fall HK$117bn (US$15bn), or 13 per cent, on Tuesday as investors took profits and fretted over future competition.

Shares in China Unicom, the country’s number two wireless operator, and fixed-line groups China Telecom and China Netcom all slumped in their first day of trade in Hong Kong since being suspended on May 23 before the unveiling of the long-awaited restructuring.