On Tuesday, it was reported that Treasury Secretary Steven Mnuchin intervened in the saga, saying he disagreed with the exchange s decision to not move forward with the delisting, despite originally saying it would.
The move came just days after the NYSE said it had begun the process on Thursday of delisting the securities of China s three largest telecommunications companies in response to an executive order by President Trump in November, which prohibits any transaction in publicly traded securities, or any securities that are derivative of, or are designed to provide investment exposure to such securities, of any Communist Chinese military company.
NYSE to again delist 3 Chinese telecom companies
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The New York Stock Exchange reversed itself for a second time Tuesday and said it will delist three China companies Monday. Photo by John Angelillo/UPI | License Photo
Jan. 6 (UPI) The New York Stock Exchange will delist three Chinese telecommunications companies, after all, reversing itself a second time in a head-spinning move after pressure from the Trump administration.
The exchange said Wednesday it made it reversal after new specific guidance from the Treasury Department s Office of Foreign Assets Control. That guidance means trading in shares of China Mobile Ltd., China Telecom Corp. and China Unicom Ltd. will end Monday.
In recent years, China, under President Xi Jinping, has seen substantial growth and sought a greater leadership role in world affairs. New equations have emerged domestically as well. As Xi fortifies his hold over the Chinese Communist Party (CCP) and the country, repressive policies in Tibet and Xinjiang and excessive curbs on academic freedom can pose potential political threats. At the same time, issues like ecological degradation and widening wealth disparities may add to Xi’s challenges. How Xi and the CCP aim to navigate these flashpoints will have a significant bearing on the future of the country, the party, and the president himself.