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The New York Stock Exchange changed its stance for the second time and announced that it will revert to its initial plan of delisting three Chinese telecom companies. The new decision came out just two days after revealing it will no longer remove shares of China Mobile, China Unicom, and China Telecom from the Big Board.
NYSE’s reason for implementing the initial decision
BBC News reported that the NYSE is now pushing through with the delisting of the said telecommunication firms. This second reversal came after the US Treasury Secretary Steve Mnuchin objected to the idea of halting the pull out of the Chinese companies. He raised his opposition a day after the announcement.
Moreover, it was said that the new decision was based on the “new specific guidance that was received by the NYSE from the Department of Treasury’s Office of Foreign Assets Control on Jan. 5, 2021. Part of the note stated that “The issuers have a right to a review of this determination.”
With NYSE reverting back to its original announcement of delisting the Chinese telecom companies, senator Marco Rubio praised the stock exchange.
"After an intense pressure campaign from those of us who believe we should prioritize the interests of American workers and mom and pop investors above Beijing and Wall Street, I am pleased that the NYSE decided to reverse their earlier announcement," he said.
The first delisting announcements
The New York Stock Exchange stated on Jan. 6 that it would proceed and delist the three mentioned Chinese firms. But prior to this, it was announced on Monday that it had revoked the very first plan to cut the telecoms.
It was explained at that time that they made the decision in compliance with Donald Trump’s executive order that prohibits American companies and individuals from investing in companies that may be supporting the Chinese military, CNBC News reported. The president stated that he implemented this EO for the security of the country.
Meanwhile, it was observed that stocks of the three mentioned Chinese telcos have plummeted after the initial announcement to delist them. The numbers went back up again after the NYSE backpedaled and said it will not proceed with the plan. Now, with the new decision, then it can be assumed that the trio’s stocks will slide down again.
