NYSE to delist three Chinese telecom firms, reversing course again

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The New York Stock Exchange said on Wednesday it will delist three Chinese telecom companies from Jan. 11, in another U-turn a day after U.S. Treasury Secretary Steve Mnuchin told the NYSE chief he disagreed with its earlier decision to reverse the delistings.

The latest move marks the third about-turn, amid confusion over rules set by the Trump administration and escalating tensions within Washington on China policy.

Hon. Mohammed Adjei Sowah
In a speech before the launch, Mr. Sowah said, “Accra is ready to play a significant role in the successful implementation of the African Continental Free Trade agreement

The bourse had on Monday reversed a decision announced just last week to delist <China Mobile Ltd 0941.HK>, China Telecom Corp Ltd and China Unicom Hong Kong Ltd after consulting with regulators in connection with the U.S. Treasury’s Office of Foreign Assets Control.

Plans to delist the three Chinese firms were prompted by a White House executive order banning U.S. investment in Chinese military-linked companies.

On Tuesday, Mnuchin told NYSE President Stacey Cunningham that he disagreed with the bourse’s prior decision.

 

Source: Reuters

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