NYSE now going ahead with delisting of Chinese telcos

In another U-turn, the New York Stock Exchange (NYSE) has said that it will delist three Chinese telcos from 11 January following intervention from US Treasury Secretary Steve Mnuchin. As previously reported by TeleGeography’s CommsUpdate, the NYSE last week announced its intention to delist the trio – China Mobile, China Telecom and China Unicom – in line with a November 2020 executive order restricting American investment in entities that the US government considers to be linked to the Chinese military. Earlier this week, however, the NYSE reversed its decision citing ‘further consultation with relevant regulatory authorities’. The most recent change of course followed criticism from the US Treasury, with the NYSE stating that the decision was based on ‘new specific guidance’ from the Department of Treasury’s Office of Foreign Assets Control, Reuters reports.