The White House is concerned about China’s top three telecom delisting cases, why does the NYSE dare to fork into the new year? | TechNews

Originally, the New York Stock Exchange announced that it would cooperate with government policies to force three Chinese telecommunications companies out of listing, but it has now taken a major turnaround to withdraw its decision, sparking a lot of controversy. And now senior White House officials have paid attention to this, and even the top three telcos may continue to be delisted, and the market is paying close attention.

While the NYSE indicated that it had consulted with the relevant regulatory authorities before making this decision, some outlets pointed out that this agency is the Office of Foreign Assets Control of the Ministry of Finance. Therefore, the NYSE will continue to assess whether these three companies are applicable to the executive order of the President of the United States to review the qualifications to go public.

But now there is news that Treasury Secretary Mnuchin personally called Stacey Cunningham, chair of the New York Stock Exchange, and expressed strong discontent. Foreign media also emphasized that officials like the White House and the Treasury Department were surprised by the sharp curve of the NYSE, including National Security Advisor Robert O’Brien and National Economic Council Director Larry Kudlow.

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Relevant sources indicated that the government will issue a document that prohibits listing on the New York Stock Exchange and will continue to withdraw in any case, prior to this, the Ministry of Finance should issue a more detailed statement to avoid false expectations. This incident dealt a considerable blow to the credibility of the New York Stock Exchange, and even other Wall Street figures were not satisfied with it, saying that the decision was simply incredible.

Therefore, some people point out that the NYSE was reluctant to delist Chinese companies. Later, when he discovered that there was room for ambiguity in the administrative order, he quickly regretted it. Of course, this is also because the Trump administration is nearing its end, causing the NYSE to have erroneous expectations that Biden will regret it after taking office, thinking that he may not be particularly responsible.

However, the relevant experts said that this is actually very unrealistic. While Biden may not want Sino-U.S. Relations to be more tense, he also didn’t want to make a weak impression on public opinion within 100 days of taking office. It should be noted that Wall Street is still not willing to see the conflict between the United States and China in the field of financial investment, especially China will begin to open its capital markets to Europe, and Wall Street is also very interested in this.

(Source of the first image: Flickr / The White House CC BY 2.0)

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