NEW YORK, Jan 5 — The New York Stock Exchange is reconsidering its plan to allow three Chinese telecom giants to remain listed, the latest twist to a saga amid confusion over rules set by the Trump administration and tension within Washington on China policy. If it does so, it would mark a second...
Wednesday, 06 Jan 2021 05:41 PM MYT
If it does so, it would mark a second sudden U-turn. The bourse said late Monday it reversed a decision announced just last week to delist China Mobile Ltd, China Telecom Corp Ltd and China Unicom Hong Kong Ltd after consulting with regulatory authorities in connection with the US Treasury’s Office of Foreign Assets Control.
Coming in the final days of the Trump presidency, the back and forth at the NYSE underscored the lack of clarity about, and the tensions around, the implementation and implications of the administration’s ban on investment in 35 Chinese companies. “If it is true that someone at advised to reverse the decision to delist these Chinese companies, it was a outrageous effort to undermine Executive Order,” he tweeted.
The are also questions about how the order will be handled by President-elect Joe Biden who is set to take office on January 20 and could revoke it easily. His transition team has not commented on plans for the directive. While the directive stops short of forcing a delisting, a separate bill signed into law by Trump in November will kick Chinese companies off US bourses if they do not fully comply with the country’s auditing rules in three years.