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In sudden U-turn, NYSE Backs Off to delist three Chinese telecom firms
Published on: 2021-01-06
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The New York Stock Exchange could do a second U-turn in the flip-flop saga that saw them decide to delist three Chinese telecom giants, the latest twist amid confusion about rules set by the Trump administration and a backdrop of tension within Washington on China policy.

The NYSE said late Monday that it decided not to delist China Mobile Ltd, China Telecom Corp Ltd and China Unicom Hong Kong Ltd in light of consultation with regulatory authorities in connection with the U.S. Treasury’s Office of Foreign Assets Control.

The NYSE made the decision as a result of ambiguity about whether the securities were actually covered, but if they are confirmed to be on the list, they will be delisted, a source familiar with the situation said on Tuesday. Bloomberg earlier reported that the NYSE may flip back.

U.S. Treasury Secretary Steven Mnuchin earlier phoned New York Stock Exchange President Stacey Cunningham to tell her he disagrees with the NYSE’s decision to reverse course on delistings of three Chinese telecoms firms, a source familiar with the matter said on Tuesday.

NYSE is owned by Atlanta-based Intercontinental Exchange Inc (ICE), which is run by billionaire Jeffrey Sprecher, whose wife Kelly Loeffler, also a former ICE executive, is one of two Republican senators facing run-off elections on Tuesday in Georgia. Loeffler is a staunch supporter of President Donald Trump.

The Treasury declined comment on the decision to keep the listings. OFAC, which is responsible for enforcing sanctions, declined comment.




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