The New York Stock Exchange Will Move Forward With Delisting Three Chinese Compa...

The New York Stock Exchange Will Move Forward With Delisting Three Chinese Companies- PingWest

The New York Stock Exchange Will Move Forward With Delisting Three Chinese Companies

2 hours ago

Beijing (PingWest)—The New York Stock Exchange said on Wednesday that it has finally decided to delist three Chinese telecommunications companies. This is the second reversal of the delisting things this week.

The NYSE originally on last Thursday announced plans to delist China Mobile, China Telecom, and China Unicom. On Monday, it did a U-turn after consulting with regulators in connection with the US Treasury’s Office of Foreign Assets Control and decided to keep them listed. Wednesday’s decision marks a return to the original plan.

NYSE's announcement on Wednesday

The latest reversal was due to new guidance from Treasury’s Office of Foreign Assets Control that said people in the US could not engage in certain transactions with the three companies as of next Monday. Trading of the three securities will be suspended at 4 p.m. ET on Monday, the exchange said.

In China, officials have criticized the delisting of the telecom companies, saying it would harm the standing of the US in global capital markets. “I’m sure all countries, not just China, are watching what the US plans to do, which will determine whether it can be seen as a reliable or trustworthy partner for cooperation,” a Chinese Foreign Ministry spokeswoman said at Wednesday briefing.

China's telecommunications industry is dominated by China Telecom, China Unicom, and China Mobile. The three state-owned companies were formed in a reorganization led by the Ministry of Information Industry, the National Development and Reform Commission, and the Minister of Finance in May 2008.

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