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Thursday, January 28, 2021

NYSE Cancels Delisting of Three Chinese Telcos

The New York Stock Exchange (NYSE) no longer plans to delist three Chinese telecommunications giants, taking back a decision that was made four days earlier.

The New York Stock Exchange (NYSE) no longer plans to delist three Chinese telecommunications giants, taking back a decision that was made four days earlier.

The NYSE had dropped their plans after “further consultation with relevant regulatory authorities in connection with Office of Foreign Assets Control.”

According to the NYSE, it would remove the American depositary shares of the companies, in compliance with President Donald Trump’s executive order.

The November order prevented American companies and individuals from further investing in firms that the Trump administration had alleged helped the Chinese military.

Major stock index giants like MSCI, S&P Dow Jones Indices and FTSE Russell along with Robinhood, a popular trading app, have also complied with the executive order.

According to the China Securities Regulatory Commission, the executive order was based on “political purposes” and “entirely ignored the actual situations of relevant companies and the legitimate rights of the global investors, and severely damaged market rule and order.”

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