NYSE scraps plans to delist three Chinese telecom giants

Date:

The New York Stock Exchange said it no longer plans to delist three Chinese telecommunications giants: 
China Telecom, China Mobile and China Unicom.
Four days earlier, the NYSE said it planned to drop those listings to comply with a November executive 
order from President Trump.
Trump sought to bar American companies and individuals from investing in firms that allegedly aid the Chinese military.

The New York Stock Exchange said it no longer plans to delist three Chinese telecommunications giants, reversing a decision announced four days earlier.

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The NYSE said late Monday it dropped the plans after “further consultation with relevant regulatory authorities in connection with Office of Foreign Assets Control.”

Hong Kong-listed shares of China Telecom, China Mobile and China Unicom rallied after news of the reversal.

On Thursday, the NYSE said it would move to delist American depositary shares of the companies, in compliance with an executive order signed by President Donald Trump. The November order sought to bar American companies and individuals from investing in firms that the Trump administration alleged aid the Chinese military.

Major stock index giants like MSCI, S&P Dow Jones Indices and FTSE Russell as well as popular trading app Robinhood have also taken steps to comply with the executive order.

The China Securities Regulatory Commission said Monday the executive order was based on “political purposes” and “entirely ignored the actual situations of relevant companies and the legitimate rights of the global investors, and severely damaged market rule and order.”

Trump’s investment ban is set to take effect next Monday, a little more than a week before President-elect Joe Biden is set to to be inaugurated.

Biden is unlikely to make any immediate changes to the U.S.-China relationship but has repeatedly said he would prefer to work with U.S. allies on enforcing the “rules of the road” for global trade.

Still, that approach would stand in contrast to that of the Trump administration, which often pursued aggressive, unilateral actions to challenge China on economic and national security issues.

— CNBC’s Evelyn Cheng contributed to this report.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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