Just a few days ago, the New York Stock Exchange (NYSE) announced its intention to ban 35 Chinese companies from the market starting this year. In an unexpected twist, we learn today that despite the decree signed by Donald Trump in November 2020, the top three Chinese telecom operators will ultimately no longer be affected by this decision.
Originally 35 Chinese companies were affected
On December 31, 2020, the New York Stock Exchange announced that 35 Chinese companies will be banned from the market this year due to a decree signed by Donald Trump. In fact, the government of the current President of the United States suspects that they are working hand in hand with the Chinese military and intelligence services, thereby endangering the country’s national security.
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Many sectors are represented on the originally established black list: surveillance, aerospace, shipbuilding, technology, microprocessors … Also the three most important Chinese telecommunications operators. Only here … This Tuesday, January 5, 2021, the NYSE made a surprise announcement that it would be backtracking. After all, China Mobile, China Telecom and China Unicom Hong Kong will not be excluded from the market.
China Mobile, China Telecom and China Unicom Hong Kong could all continue to thrive on the New York Stock Exchange
In its press release, the NYSE stated that this unexpected turnaround came after “further consultations with relevant regulators”. If the details of these talks have not been disclosed, the New York Stock Exchange finally reiterates that it no longer intends to continue the withdrawal action by China Mobile, China Telecom and China Unicom from Hong Kong, within its market.
This is good news for the top three telecom operators in China who can continue to do business even when these companies’ real trading volume on the New York Stock Exchange is a small percentage of their tradable stocks. So much so that some experts were of the opinion that the originally pronounced radiation was in reality only symbolic.
Worse still, for the Chinese Securities and Exchange Commission, “the recent decision by some American political forces to continuously and unfoundedly suppress foreign companies listed in American markets, even at the expense of weakening their own position in global financial markets.” Have shown that American rules and institutions can become arbitrary, ruthless, and unpredictable. ”A situation China hopes will change, especially with the impending takeover of Joe Biden.