NYSE Backtracks on its Decision to Delist Major Chinese Telecom Firms

(credit: New York Stock Exchange)

The New York Stock Exchange on Tuesday said it no longer plans to move forward with delisting three Chinese telecom companies. 

In light of further consultation with relevant regulatory authorities in connection with the Office of Foreign Assets Control, the New York Stock Exchange LLC – the “NYSE” – announced it no longer intends to move forward with the delisting of three firms announced on December 31, 2020.

The three firms will continue to be listed and traded on the NYSE, it added.

NYSE had announced on Dec.31 it would delist the three telecom companies following a U.S. government’s decision in November to block investment in 31 firms it says are owned or controlled by China’s military.

China’s securities regulator on Sunday had argued the move is “politically motivated” and “severely undermines normal market rules and order.”

“The politically-motivated administrative order of the US government seriously breached market rules and order,” the China Securities Regulatory Commission said in a response posted on its website.

SEE ALSO: China Opposes ‘Political’ NYSE Delistings of Major Telecom Firms, Says Impact ‘Limited’

The delisting “completely disregards the actual situation of the relevant companies and the legitimate rights and interests of global investors and severely undermines normal market rules and order,” the regulator added.

“Even if delisted, the direct impact on the companies’ operation and development is rather limited,” the post read.