Photographer: Michael Nagley / Bloomberg
Photographer: Michael Nagley / Bloomberg
This The New York Stock Exchange said it would no longer delist China’s three largest state-owned telecommunications companies, threatening to escalate tensions between the world’s largest economies in the wake of the plan.
NYSE’s U-turn came four days after it said shares of China Mobile Ltd, China Telecom Corporate and China Unicom Hong Kong Ltd would comply with US executive orders, the exchange said. The NYSE cited “consultation with relevant regulatory authorities” in a detailed statement late Monday evening.
Shares of China Mobile, China Telecom and Unicom rallied on recent growth, with Hong Kong, Hong Kong’s business growing more than 6%. Calls and emails to companies were not immediately returned on Tuesday.
On New Year’s Eve, the NYSE said it would list companies to comply with a November order by U.S. President Donald Trump that would bar U.S. investments in military-owned or controlled Chinese companies. This is the first time an American exchange has announced plans to liquidate a Chinese company as a direct result of growing geopolitical tensions between the two superpowers.
The move to delist the shares raised concerns about tight for-tate sanctions on Chinese and American companies. The former has been in the U.S. for more than two decades for capital and international reputation. Turning to the stock market, some of the world’s largest investors have raised at least 14 4,144 billion. Wall Street banks are particularly keen to see a reduction in tensions after gaining unprecedented scope to operate in China last year.
(Updates with background)
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