January 17, 2021

Politics and Commentary News Aggregator

NYSE withdraws plans to delist 3 Chinese phone carriers

2 min read

The New York Stock Exchange says it no longer plans to remove shares of three Chinese state-owned phone carriers under an order by President Donald Trump

The exchange cited “further consultation” with U.S. regulators but gave no other details of its decision in a notice issued late Monday.

The NYSE earlier announced plans to remove China Telecom Corp. Ltd., China Mobile Ltd. and China Unicom Hong Kong Ltd. after Trump’s order in November barring Americans from investing in securities issued by companies deemed to be linked to the Chinese military.

Hong Kong-traded shares in the three companies surged Tuesday. China Telecom rose 5.7%, China Mobile jumped 5.5% and China Unicom surged 6.7%. Shares in all three have fallen recently.

The Chinese government has accused Washington of misusing national security as an excuse to hamper competition and has warned that Trump’s order would hurt U.S. and other investors worldwide.

U.S. officials have complained that China’s ruling Communist Party takes advantage of access to American technology and investment to expand its military, already one of the world’s biggest and most heavily armed.




2021-01-05 00:05:15


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