NYSE may make second U-turn on China telecom delistings
The New York Stock Exchange
The New York Stock Exchange is reconsidering its plan to allow three Chinese telecom giants to remain listed -- in a second U-turn on the rules set by the Trump administration.
This latest twist to the saga comes amid confusion and tension within Washington on China policy.
The bourse said late Monday it reversed a decision announced just last week to delist China Mobile Ltd, China Telecom Corp Ltd and China Unicom Hong Kong Ltd after consulting with regulatory authorities in connection with the US Treasury's Office of Foreign Assets Control.
The about-face was due to ambiguity over an executive order issued by President Donald Trump barring investment in firms Washington says are tied to the Chinese military, and whether the three firms were banned under the order, a source familiar with the matter said on Tuesday.
However, on Tuesday, it said it would go ahead with the delistings, which were planned on or before January 11, if it deems the companies are subject to the order.
Bloomberg earlier reported that the NYSE may flip back.
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US Treasury Secretary Steven Mnuchin phoned NYSE President Stacey Cunningham on Tuesday to tell her he disagreed with the exchange operator's decision to reverse course on the delistings.
The NYSE is owned by Atlanta-based Intercontinental Exchange Inc (ICE), which is run by billionaire Jeffrey Sprecher, whose wife Kelly Loeffler, also a former ICE executive, is one of two Republican senators facing run-off elections on Tuesday in Georgia. Loeffler is a staunch supporter of President Trump.
The flip-flopping at the Big Board also sowed confusion among investors.
The executive order banning US investors from buying shares of companies Washington alleges are owned or controlled by the Chinese military takes effect on January 11, although shareholders can wait until November 2021 to divest.
While the directive stops short of forcing a delisting, a separate bill signed into law by Trump in November will kick Chinese companies off US bourses if they do not fully comply with the country`s auditing rules in three years.
(with inputs)