New York Stock Exchange for pushing forward and delist 3 Chinese companies

The stock market said last week that it would remove tech companies in compliance with Trump’s order, but canceled Monday’s decision, China Telecom office in Shanghai. The New York Stock Exchange announced Monday that plans to suspend China Telecom, China Unicom, and China Mobile have been suspended. Trump and members of Congress forced the New York Stock Exchange on Tuesday to remove three major government companies from China. The stock exchange late Monday canceled its initial plans, announced last week, to de-listing companies to comply with an administration order to end US investment in companies linked to the Chinese military. The stock market’s sudden turnaround on Monday sparked confusion and reflected the ongoing struggle within the Trump administration over how hard it should be on China in the final days of Trump’s presidency. Finance Secretary Steven Mnuchin has been pushing for more accommodation for Chinese companies, while Department of Defense officials have argued that these companies must be listed for national security reasons.

Late Monday night, the Grand Council said it had terminated plans to list the companies after contacting the Treasury. The week began after the exchange said it would suspend trading in shares of China Unicom, China Telecom, and China Mobile by January 11, in response to a Trump administration ruling barring Americans from investing in companies associated with the Chinese military. Profitability was lowered after Mr. Mnuchin turned down some Chinese falcons in Congress on Tuesday. The Department of Defense also challenged the decision, publishing a statement to Bloomberg News on Tuesday, according to which maintaining companies in exchange strengthen them and “promotes intelligence gathering activities” by the Chinese Communist Party. Shortly after the statement was released, the Pentagon withdrew it. A Pentagon spokeswoman had no comment. The finance ministry had no idea what Mr. Mnuchin encouraged the exchange to suspend from the market, and on Tuesday, while embarking on an international tour, Mr. Mnuchin wanted to The exchange goes ahead with its plan to take away the companies. . A senior administration official said Mr. Mnuchin had invited Stacey Cunningham, president of the N.I.S.E. Group on Tuesday to protest against its decision not to waive deletion.

The scope of the presidential decree has been the subject of controversy. According to someone familiar with the matter, the stock exchange withdrew its plan to remove Chinese companies from the list after it determined that the wording was ambiguous and that it was unclear whether the companies should be removed. If the Ministry of Finance clarifies that the order applies to these companies, the exchange and withdrawal will continue to move forward, this person said. Another administration official said a temporary debate on Tuesday night about updating the order made it clear that it was relevant to Chinese phone companies. The stock exchange said its regulatory department will continue to evaluate the feasibility of orders for telecom companies. The removal will not have much impact on companies that are also listed in Hong Kong and owned by the government. However, the withdrawal from the American stock market was of great symbolic importance for the decline in economic ties between China and the United States.

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Jennifer Nelson is a seasoned reporter and entrepreneurial writer. She covers breaking news and enjoys writing about current events.