The New York Stock Exchange reversed course again on Wednesday, saying it will now delist three major Chinese telecoms hit by President Trump’s executive …
The New York Stock Exchange reversed course again on Wednesday, saying it will now delist three major Chinese telecoms hit by President Trump’s executive order. China Mobile, China Telecom, and China Unicom will now officially be delisted from the New York Stock Exchange on January 11, 2021. This comes after new specific guidance from the Department of Treasury’s Office of Foreign Assets Control came through on Tuesday: „Pursuant to section 1(a)(i) of E.O.13959, U.S. persons cannot engage in certain transactions (as specified in the E.O.) in the ADRs of China Telecom Corporation Limited, China Mobile Limited, and China Unicom (Hong Kong) Limited after 9:30 a.m. eastern time on January 11, 2021.“ The Chinese telecom delisting saga started back in November 2020, when President Trump signed executive order 13959 which restricts American companies or individuals from owning shares in 31 Chinese companies with links to the Chinese military.
