NYSE to remove 3 Chinese telecoms from market
The New York Stock Exchange said Wednesday it will delist several Chinese telecommunications firms that allegedly worked with the Chinese military, the reversal of a previous decision. The stock exchange had first said last week it would remove China Telecom, China Unicom and China Mobile in order to comply with a Trump administration executive order. The order, issued in November, aimed to block Chinese companies from using U.S. capital to help advance Chinese military and intelligence goals. The effect is to bar the companies from trading on the exchange. The NYSE initially tried to backpedal on Monday after “further consultation with relevant regulatory authorities.” The exchange at the time said it would not delist the firms, causing widespread confusion. The decision on Wednesday to delist the firms, after all, came after the Treasury Department‘s Office of Foreign Assets Control issued guidance Tuesday that would block people in the U.S. from conducting […]
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