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In Flip-flop, NYSE Will Delist 3 Chinese Companies After All

In Flip-flop, NYSE Will Delist 3 Chinese Companies After All

The New York Stock Exchange is going ahead with plans to delist shares of three Chinese stateowned phone carriers under an executive order from President Donald Trump.

NEW YORK: The New York Stock Exchange is going ahead with plans to delist shares of three Chinese state-owned phone carriers under an executive order from President Donald Trump.

The exchange said trading in the three companies, China Telecom Corp. Ltd., China Mobile Ltd. and China Unicom Hong Kong Ltd., will be suspended after the markets close on Jan. 11.

The decision marks the latest about-face for the NYSE on whether to delist the companies in accordance with Trump’s executive order from November barring Americans from investing in securities issued by companies deemed to be linked to the Chinese military.

The NYSE initially said on Jan. 1 that it would delist the companies, only to withdraw that decision Monday. It has again reversed course following new specific guidance” from the Treasury Department, which oversees the enforcement of the executive order, according to a statement issued Wednesday.

On Monday the exchange had cited some ambiguity about whether the three companies were in fact covered by Trump’s order.

The Trump administration has imposed export controls and other sanctions on some Chinese companies, visa curbs on members of the ruling Communist Party and other restrictions. The Chinese government has accused Washington of misusing national security as an excuse to hamper competition and has warned that Trumps order would hurt U.S. and other investors worldwide.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor


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