NYSE reverses plans to delist China’s three big telcos – TechCrunch

In an unexpected twist, the New York Stock Exchange said Monday that it no longer intends to delist China’s three major telecom operators, a decision that was originally announced on 31 December.

Initial actions targeted China Mobile, China Unicom and China Telecom as part of the Trump administration’s move Bar investment in companies It is understood to supply and support China’s military, intelligence and security services.

Current blacklist Names of 35 companies, including parent organizations of the three listed telecom companies, as well as Huawei and China’s leading chipmaker SMIC.

“In light of further advice with the relevant regulatory authorities,” the exchange said. The announcement states that companies will continue to be listed and traded on the NYSE, while the exchange will continue to evaluate how the executive order applies to them and their listing status.

The delisting of three telecom giants that have been trading on the NYSE for nearly two decades was viewed by some experts as merely symbolic. The trading volumes of these firms in New York are only a small percentage of their total traditional shares, thus the effect of potential delisting will be “limited on the growth and general market performance of the companies”. said The China Securities Regulatory Commission said in a statement released on Sunday.

“The recent move by some political forces in the US to consistently and severely suppress listed foreign companies in US markets, even at the expense of reducing their position in global markets, has demonstrated that US regulations and institutions Can become arbitrary, reckless and unpredictable, ”the Chinese Exchange Authority said.

“We hope that the American side can show respect for the market and reverence for the rule of law, do more things that can benefit global financial markets order, legitimate investors’ rights and the stability and growth of the global economy . “

In recent times, many Chinese companies trading in the US have opted for secondary listings in Hong Kong. Alibaba, JD.com And NetEase has made its debut in Hong Kong with more tech companies reportedly weighing in on their homecoming. Chinese tech bosses are wary of potential US government clout, but they also expect Alibaba to repeat Success in hong kong And see China’s new funding opportunities Nasdaq-style board, Which was introduced in 2019 to woo its Tech Darling home.