The New York Stock Exchange on Monday abandoned plans to cancel three state-owned Chinese telecommunications companies, overturning a decision that further strained the already strained relationship between the world’s two superpowers.
In a brief statement, the exchange stated that it « no longer intends to advance the delisting measures for China Telecom, China Mobile and China Unicom ».
No detailed reason for the sudden reversal was given, but the exchange said it did so after « further consultation with relevant regulators ». .
In trade in Hong Kong on Tuesday morning, China Unicom gained eight percent, while China Mobile and China Telecom each gained more than six percent.
The reversal comes just four days after the NYSE announced it would end trading in companies to comply with an order from the Trump administration banning investment in companies with ties to the Chinese military.
Donald Trump signed an executive order in November banning Americans from investing in Chinese companies that supply or support the country’s military and security apparatus and received a sharp reprimand from Beijing.
The contract listed 31 companies that China used to « increase exploitation » of US investment capital to fund military and intelligence agencies, including the development and use of weapons of mass destruction.
It was part of a series of orders and regulations aimed at China’s economic and military expansion in recent months.
Trump’s order prohibits U.S. companies and individuals from owning any of the companies, which include video surveillance company Hikvision and China Railway Construction Corp..
National Security Advisor Robert O’Brien at the time said the order would prevent Americans from unwittingly providing passive capital to Chinese companies listed on stock exchanges around the world that help improve the Beijing Army and espionage agencies.
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New York Stock Exchange, China, Delisting, Donald Trump, Telecommunications, Stock Exchange
World News – AU – NYSE scraps plan to delist Chinese telecommunications company
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