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The New York Stock Exchange is proceeding with a plan to delist three major Chinese telecommunications firms, its second about-face this week, after U.S. Treasury Secretary Steven Mnuchin criticized its shock decision to give the companies a reprieve. The pivot comes after the exchange’s earlier move caught U.S. officials off guard. The exasperation reached the highest levels of the administration of President Donald Trump, who signed an executive order in November requiring investors to pull out of Chinese businesses deemed a threat to U.S. national security. The NYSE’s back-and-forth moves have also sowed deep confusion in global financial markets. ....
The New York Stock Exchange is considering reversing course a second time to delist three major Chinese telecommunications firms after conferring further with senior authorities on how to interpret an executive order Trump issued Nov. 12, according to people familiar with the matter. Lawyers said the drama, whipsawing markets in recent days, is exposing the ambiguities of the government’s instructions. The trio of companies China Mobile Ltd., China Telecom Corp. and China Unicom Hong Kong Ltd. lost more than $30 billion in market value in the final weeks of 2020 as investors pulled back following Trump’s order. They shed as much as $12 billion more as their American depositary receipts tumbled Monday on the NYSE’s decision to delist them. Prices climbed Tuesday after the NYSE canceled the delisting, and then they softened anew after Bloomberg broke the news that the exchange may proceed after all. ....
The Finance 202: Biden team extends welcome olive branch to K Street washingtonpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from washingtonpost.com Daily Mail and Mail on Sunday newspapers.
Double U-turn? US exchange may yet delist China telecoms firms aljazeera.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aljazeera.com Daily Mail and Mail on Sunday newspapers.
NYSE reverses again with plan to delist China telecom firms SECTIONS Last Updated: Jan 06, 2021, 08:49 PM IST Share Synopsis The exasperation reached the highest levels of the administration of President Donald Trump, who signed an executive order in November requiring investors to pull out of Chinese businesses deemed a threat to U.S. national security. Reuters Related By Lananh Nguyen The New York Stock Exchange is proceeding with a plan to delist three major Chinese telecommunications firms, its second about-face this week, after U.S. Treasury Secretary Steven Mnuchin criticized its shock decision to give the companies a reprieve. The pivot comes after the exchange’s earlier move caught U.S. officials off guard. The exasperation reached the highest levels of the administration of President Donald Trump, who signed an executive order in November requiring investors to pull out of Chinese businesses deemed a threat to U.S. national securi ....