The New York Stock Exchange on Wednesday said it would go ahead with its plan to delist three Chinese telecommunications companies next week, after drawing criticism from the US Treasury secretary over its earlier decision to keep the businesses trading on the Big Board.
NYSE said it would drop shares of China Telecom, China Mobile and China Unicom from the exchange on January 11 to comply with an executive order signed by US president Donald Trump last year, which prohibits Americans from investing in businesses with ties to the Chinese military.
The decision was based on “new specific guidance” the NYSE received from the Treasury on Tuesday that forbade certain trading in the three Chinese groups, the exchange operator said.
The exchange operator, owned by Intercontinental Exchange, on New Year’s Eve had announced its intentions to delist the three groups. Days later it abruptly reversed course, given ambiguity in guidance it had received from the Treasury.