New York Stock Exchange scraps plan to delist China telecom firms
NYSE
The New York Stock Exchange (NYSE) has reversed its decision to delist three Chinese telecoms companies, after consulting with regulatory authorities about a recent US investment ban.
In a brief statement, the stock exchange said it "no longer intends to move forward with the delisting action" for China Telecom, China Mobile, and China Unicom.
Also read | New York Stock Exchange to delist Chinese telecom firms on US executive order
No detailed reason was given for the sudden reversal but the exchange said it came after "further consultation with relevant regulatory authorities".
Shares in the three state-owned telecoms firms jumped on the news.
The reversal comes just four days after the NYSE said it was ending trading in the companies to comply with an order by the Trump administration barring investment in firms with ties to the Chinese military.
In November, President Donald Trump signed an executive order banning Americans from investing in Chinese companies deemed to be supplying or supporting Beijing's military and security apparatus, earning a sharp rebuke from China.
The order listed 31 companies it said China was using for the "increasing exploitation" of US investment capital to fund military and intelligence services, including the development and deployment of weapons of mass destruction.
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To this end, the Chinese Foreign Ministry accused the US of slandering its military-civilian integration policies and vowed to protect the country’s companies.
Under his "America First" banner, Trump has portrayed China as the greatest threat to the United States and global democracy, pursued a trade war with it, harangued Chinese tech firms, and laid all the blame for the coronavirus pandemic at Beijing's door.
Other index providers including MSCI Inc, S&P Dow Jones Indices and Nasdaq have deleted various Chinese firms from their listings.
The US Federal Communications Commission in May barred China Mobile from operating in the US.
(With inputs from agencies)