New York Stock Exchange May Move Ahead With Plans to Delist Chinese Companies - Report © REUTERS / ANDREW KELLY
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In light of a November executive order signed by US President Donald Trump, the New York Stock Exchange (NYSE) recently briefly decided to delist three Chinese telecommunication companies from its listing before reverting its decision. However, new reports suggest the exchange may be changing its mind once again.
The NYSE is reportedly considering going forward with its original plans to delist three major Chinese companies after US Treasury Secretary Steven Mnuchin allegedly reached out to a top official.
Double U-turn? US exchange may yet delist China telecoms firms
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NYSE Could Flip a Third Time on Delisting Plans for 35 Chinese Companies An executive order says U.S. purchases of military-linked Chinese companies must stop by January 11, including three of the world s top-20 telecoms.
What is going on at the New York Stock Exchange?
The NYSE said on New Year s Eve that it would delist China s three main mobile-phone companies: China Mobile (CHL) , China Telecom (CHA) , and China Unicom (CHU) .
Then, late on Monday night, the exchange said it wouldn t do that. It had a change of heart.
Now, as I write, we re getting word that they may move to delist them again. Investors will have whiplash, not to mention a headache making any sort of sense out of a portfolio that contains those stocks.
Wednesday, January 6, 2021
Well, this is quite the roller coaster ride.
The New York Stock Exchange announced on Jan. 5 that it was halting plans announced four days earlier to halt trading and the delisting process for China s three largest telecom companies. The exchange said that the decision was made after discussions with regulators about the November 2020 executive order banning U.S. investment in such companies.
Now, the NYSE says it is reversing its reversal after Treasury Secretary Steven Mnuchin criticized the decision to grant the companies a reprieve.
Bloomberg provides the background:
The NYSE’s [second] pivot follows a whirlwind 18 hours in which the exchange caught U.S. officials off guard, with the exasperation reaching the highest levels of the Trump administration. The back-and-forth also sowed deep confusion within global financial markets about the policy that set off the remarkable chain of events: an order signed by President Donald Trump in November th
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