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Summary
- NYSE says that the US-listed shares of leading Chinese telecommunications companies would not be delisted after further consultations with regulators.
- The exchange will evaluate the executive order while the three companies will continue trading on NYSE.
The New York Stock Exchange has reported that it will not delist into the three leading Chinese telecommunication companies.
The stock exchange the previously had decided to not move with reported delisting plan as it consulted with relevant regulatory authorities.
After the consultation, NYSE said that it no longer intends to delist three Chinese telecommunication companies.
Source © Kalkine Group 2020
It further added that the executive order's applicability would be evaluated, and the companies will continue trading on the stock exchange.
On 31 December 2020, the exchange reported that China Telecom, China Mobile, and China Unicom would be booted off the NYSE bourse due to executive order signed by President Donald Trump.
After the NYSE scrapped delisting plan, the shares of three Chinese telecommunications companies gained traction on the Hong Kong Stock Exchange. The three companies are the leading local telecommunication companies.
Source © Kalkine Group 2020
The conflict between the US and China remains intense and highly uncertain, but a transition is due at the Office of the President of US as President-Elect Joe Biden replaces Donald Trump this month.
While political thinkers are calling out that the US President is likely to have a similar stance against China, the Biden administration's trade policy approach is expected to be collaborative with the Chinese.