La Jornada – NY Stock Exchange withdraws three Chinese telecommunications firms

NY. The New York Stock Exchange (NYSE) announced Wednesday that it will finally delist three Chinese telecommunications firms after receiving new slogans from the US government.

The New York trading platform had on Friday indicated its intention to remove from the panel China Mobile, China Telecom and China Unicom (Hong Kong), three companies controlled by the Chinese government that are also listed on the Hong Kong stock exchange.

The decision followed a November 12 presidential decree that prohibits transactions with companies accused of participating in the development of the Chinese military complex.

But the stock market retraced its steps on Monday after “consultations with the competent regulatory authorities”, which created some confusion.

Then, in a statement released Wednesday, the NYSE explains that it will follow a new directive from the Treasury office in charge of controlling foreign assets, received on Tuesday, according to which “US individuals cannot carry out certain transactions” with shares of China Telecom , China Mobile and China Unicom as of January 11.

The three groups are traded in the United States in the form of ADRs, American Depositary Shares, securities equivalent to shares with which foreign companies agree to trade on Wall Street.

The government of Donald Trump and Beijing have been waging a relentless battle on the economic and particularly technological levels for years, under the blow of punitive tariffs and blacklists of products.

On Tuesday night, Trump ordered a ban on all transactions with Alipay, WeChat Pay and other apps linked to Chinese companies, arguing that they could send user information to the Beijing government.

The executive order will take effect in 45 days, weeks after Trump is replaced in the White House by Democrat Joe Biden.

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