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The New York Stock Exchange announced that it will be delisting three Chinese telecommunication giants, namely China Mobile, China Telecom, and China Unicorn. However, four days later, the American stock exchange stated that it will no longer proceed with its plans to delist the three Chinese companies.
As per CNBC News, the reason why NYSE suddenly changed its decision was also mentioned when it made a new announcement on Monday, Jan. 4. The agency stated that after “further consultation with relevant regulatory authorities in connection with Office of Foreign Assets Control,” they decided not to push through with the delisting plans.
The issue that led to the supposed removal of Chinese firms
As per a source who has knowledge of the matter, the New York Stock Exchange was bound to delist the Chinese telecoms if their subsidiaries will turn out to be affected by a US blacklist. The NYSE is set to remove the firms in accordance with Donald Trump’s executive order that was handed down in November last year.
The president sought to prohibit American firms, investors, and individuals from investing in companies that aid or have ties with the Chinese military. Apparently, it seems that they have found some reasons that make the three telecom giants one of those companies that should be banned.
The withdrawal of the decision to eliminate the Chinese companies from NYSE
In a statement that was released on Jan. 4, the NYSE board said “it no longer intends to move forward with the delisting action on China Mobile Ltd., China Telecom Corp., and China Unicom (Hong Kong) Ltd.
Fox Business reported that the Hong Kong-listed shares of the three firms have shot up since NYSE reversed its decision to remove the Chinese companies. The shares of China Mobile, one of the most valuable state-owned enterprises, increase by as much as 7.5% on Tuesday morning while China Unicorn and China Telecom’s shares went up by 11% and 8.1%, respectively. The surge was a recovery because shares have plummeted since the delisting news came out last week.
But then again, it appears that the reversal is not yet final as Bloomberg just reported the New York Stock Exchange is once again mulling on reverting back to its initial plan to delist the telecoms. This turn of events came after Steven Mnuchin, treasury secretary, criticized its shock decision to give the companies a reprieve.
