China Telecom will be listed by the New York Stock Exchange.
Photo:
Qilai Shen / Bloomberg News
The New York Stock Exchange will continue to remove three Chinese telecommunications companies targeted by an executive order of President Trump, and turn the tide again after the NYSE said earlier this week that it would not remove them.
The NYSE said on Wednesday that the trading of the US listed shares of China Mobile Ltd.
CHL -6.05%
, China Telecom Corp.
CHA -4.22%
and China Unicom (Hong Kong) Ltd.
CHU -4.31%
will be suspended Monday at 4 p.m. The assignment of mr. Trump intends to trade in securities of companies linked to the Chinese military by the government.
The NYSE said its latest action on Tuesday received new specific guidance from the Treasury Department’s foreign asset management office, which listed U.S. depository receipts from the three companies covered by Trump’s mandate. The NYSE statement also noted that the companies could appeal the delisting decision.
Wednesday’s reversal is likely to raise further questions about the stock market’s handling of the three Chinese shares. Last week, the NYSE said it would delist the three companies to comply with Mr. Trump to comply, only to return Monday and say it does not delist them. A person familiar with the matter said the NYSE had returned because of the uncertainty as to whether the three companies were covered by the order. The new leadership of the treasury department apparently solved the problem.
The NYSE feedback has drawn criticism from the Trump administration and supporters of a hard line against Beijing. Treasury Secretary Steven Mnuchin called NYSE President Stacey Cunningham to object to the NYSE flip-flop.
Write to Alexander Osipovich by [email protected]
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