NYSE Reverses Course on China Decision in 'Bizarre' Move

Withdraws plans to delist 3 Chinese phone carriers
By Newser Editors and Wire Services
Posted Jan 5, 2021 1:05 AM CST
NYSE Reverses Course on Delisting Chinese Phone Carriers
In this Sept. 5, 2020, file photo, the logo for Chinese telecommunications firm China Telecom is seen on a booth at the China International Fair for Trade in Services (CIFTIS) in Beijing.   (AP Photo/Mark Schiefelbein, File)

The New York Stock Exchange has withdrawn plans to remove shares of three Chinese state-owned phone carriers under an order by President Trump that Beijing warned might lead to retaliation. The exchange cited “further consultation” with regulators but its announcement late Monday gave no other details, the AP reports. One analyst tells Bloomberg this is "the most bizarre series of events" he's witnessed in his career. The NYSE had said Thursday it would remove China Telecom Corp. Ltd., China Mobile Ltd., and China Unicom Hong Kong Ltd. under Trump's November order barring Americans from investing in securities issued by companies deemed to be linked to the Chinese military. The order added to mounting US-Chinese tension over technology, security, and spying accusations.

The Trump administration has imposed export controls and other sanctions on some Chinese companies, visa curbs on members of the ruling Communist Party, and other restrictions. Trump's November order bars Americans from investing in securities issued by companies deemed by the Defense Department to be part of efforts to modernize the Communist Party's military wing, the People's Liberation Army. The 2 million-member PLA is one of the biggest and most heavily-armed militaries. It is spending heavily to develop nuclear submarines, stealth fighters, ballistic missiles, and other advanced weapons. 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 US and other investors worldwide.

(Read more New York Stock Exchange stories.)

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