NYSE Will Again Delist Three Chinese Telecom Stocks--Update
06 Gennaio 2021 - 5:00PM
Dow Jones News
By Alexander Osipovich
The New York Stock Exchange will move forward with delisting
three Chinese telecommunications companies targeted by an executive
order from President Trump, reversing course yet again after the
NYSE said earlier this week that it wouldn't delist them.
The NYSE said Wednesday that trading of the U.S.-listed shares
of China Mobile Ltd., China Telecom Corp. and China Unicom (Hong
Kong) Ltd. would be suspended at 4 a.m. ET on Monday. Mr. Trump's
order seeks to ban trading in securities of companies that the
administration says have links to the Chinese military.
The NYSE said its latest action came after it received "new
specific guidance" from the Treasury Department's Office of Foreign
Assets Control on Tuesday, which listed the three companies'
American depositary receipts as being covered by Mr. Trump's order.
The NYSE's statement also noted that the companies could appeal the
delisting decision to the exchange.
Wednesday's reversal is likely to raise further questions about
the exchange's handling of the three Chinese stocks. Last week, the
NYSE said it would delist the three companies to comply with Mr.
Trump's order, only to reverse course on Monday and say that it
wasn't delisting them. A person familiar with the matter said the
NYSE backtracked due to ambiguity in whether the three companies
were covered by the order. The new guidance from the Treasury
Department appears to have resolved that issue.
The NYSE's backpedaling drew criticism from the Trump
administration and supporters of a hard line against Beijing.
Treasury Secretary Steven Mnuchin called NYSE President Stacey
Cunningham to object to the NYSE's flip-flop.
Write to Alexander Osipovich at
alexander.osipovich@dowjones.com
(END) Dow Jones Newswires
January 06, 2021 10:45 ET (15:45 GMT)
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