NYSE backtracks on Chinese telecom delistings
by Onize Ohikere
Posted 1/05/21, 03:11 am
The New York Stock Exchange on Monday said it would no longer remove the shares of three Chinese state-owned phone carriers after “further consultation” with regulators. The exchange had announced Thursday it will delist China Telecom Corp. Ltd., China Mobile Ltd., and China Unicom Hong Kong Ltd. to comply with President Donald Trump’s November order barring Americans from investing in securities tied to the Chinese military.
How has China responded? The China Securities Regulatory Commission on Monday said it has taken note of the development and called the executive order a political move that has “severely damaged market rule and order.” Trump’s order blacklisted some 35 companies accused of supporting China’s military and intelligence services. Other major stock index giants—including S&P Dow Jones Indices, MSCI, and the trading app Robinhood—have also removed some Chinese companies to comply with the order. The ban will go into effect on Jan. 11.
Dig deeper: Read Samantha Gobba’s report in The Sift on other sanctions targeting Chinese officials.
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