NYSE Will Delist Three Chinese Telecom Companies

New York Stock Exchange (NYSE) said it will be delisting three Chinese telecom companies. This was confirmed by U.S. Treasury Secretary Steve Mnuchin who told NYSE chief Stacey Cunningham that he had disagreed with an earlier decision of reversing the delisting of these companies.

Earlier, NYSE had said the companies will remain listed following a consultation with regulators involving the U.S. Treasury’s Office of Foreign Assets Control. This decision failed to sit well with some people as they saw Mnuchin as a hurdle to the crackdown on Chinese companies.

Involved sources revealed it is Mnuchin who reached out to NYSE president Stacey Cunningham on Jan 6 expressing his concerns over decision to relist the involved Chinese companies.

According to the announcement, these companies are set to be delisted on Jan 11 making this the third time in a week the board is ruling on this matter.

It’s not clear whether the Chinese companies involved in this recent move were part of an executive order issued by President Trump in November prohibiting United States citizens from investing in U.S listed companies which Trump’s administration said they were linked to Chinese military.

The three companies include China Telecom Corp Ltd, China Unicom Hong Kong Ltd and China Mobile Ltd.

 

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