NYSE Reverses Again With Plan to Delist China Telecom Firms
- Pivot comes after earlier move caught U.S. officials off guard
- H.K. shares of China Mobile, China Telecom fall most in years
Pedestrians walk past a China Telecom store in Shanghai.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
The New York Stock Exchange is proceeding with a plan to delist three major Chinese telecommunications firms, its second about-face this week, after U.S. Treasury Secretary Steven Mnuchin disagreed with its shock decision to give the companies a reprieve.
The pivot comes after the exchange’s earlier move caught U.S. officials off guard. The exasperation reached the highest levels of the administration of President Donald Trump, who signed an executive order in November requiring investors to pull out of Chinese businesses deemed a threat to U.S. national security. The NYSE’s back-and-forth moves have also sown deep confusion in global financial markets.