NYSE Says China Telecom Delisting Is Back On
The New York Stock Exchange has reversed its decision to scrap plans to delist three Chinese telecommunications behemoths.
In other words, they are delisting companies after all.
In a head-spinning reversal of its earlier reversal, the exchange said Wednesday that it will go ahead with plans announced last week to delist China Telecom, China Mobile, and China Unicorn.
On Monday, the NYSE said it was abandoning the delisting plan after consultation with regulators, prompting outrage from China hawks, surprising many in the Trump administration, and reportedly attracting a behind-the-scenes rebuke from Treasury Secretary Steven Mnuchin.
The initial plan to delist had been announced just last week. It followed an executive order signed by President Donald Trump baring American companies and individuals from investing in firms that aid the Chinese military.
The NYSE said on Wednesday that the latest decision to delist followed “new specific guidance received January 5” from the Trump administration.
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