Nokia Corp ADR (NYSE:NOK) shares declined 4% in premarket trading on Tuesday after the South China Morning Post reported the Finnish telecoms equipment maker plans to close nearly all of its operations in mainland China by year-end.
The closures will proceed in stages, according to sources cited by the publication. The move marks a significant retreat from a market that once served as Nokia’s largest single-country revenue contributor globally. The company has maintained a presence in China for more than four decades.
The reported decision follows intensifying competitive pressure within the telecommunications equipment sector from domestic Chinese rivals. Nokia’s share price had already reflected broader market sentiment ahead of the report, with the 4% premarket decline extending a recent downward trend amid sector-wide challenges.
