[Headline News] NYSE Started to Delist the 3 Chinese Telecom companies After Flip-Flops

Reporter: B. Star;  Contributor/Reviewer: Rica Machioni

NYSE started to delist the 3 Chinese military-owned companies China Telecom Corp. Ltd., China Mobile Ltd., and China Unicom Hong Kong Ltd. on Jan. 11, to comply with President Trump’s Executive Order on addressing the threat from securities investments that finance the CCP owned companies.

Spencer Platt/Getty Images

On Jan 1st, the New York Stock Exchange (NYSE) announced that American depositary shares in China Telecom Corp. Ltd., China Mobile Ltd., and China Unicom Hong Kong Ltd., would be delisted on Jan. 11 due to their significant connections to China’s military. Soon after the announcement on Jan 3rd, Chinese Foreign Ministry spokesperson Hua Chunying rejected that depiction saying: “This is in serious violation of market competition. ”

On Jan 4th, 2021, NYSE stated that it no longer considered banning the three Chinese telecommunications giants due to the pressure that China processed. On Jan 5th, the changes of tone didn’t last long. Just a few hours after Secretary of the Treasury Mnuchin “disapprovingly” called NYSE President Stacey Cunningham, NYSE changed its mind again. It was so embarrassing that the investors doubted if NYSE would back off the plan again. The investment banks in Wall Street removed hundreds of the derivative trades in Hong Kong on Jan 11. 

The CCP poses a strong influence on this backtracking process. It was not hard to tell that the NYSE did not want to ban the Chinese companies in the first place as they would bring profits. The Chinese companies did not even need to follow the standard rules to submit audited financial reports as the typical American companies did. Does Wall Street care if investing in Chinese military-related companies would hurt the benefits of the investors?  

Mostly, the investment of those companies enabled the development and modernization of the CCP. They helped the CCP to upgrade its military, intelligence, and other security apparatuses to reinforce its communist regime. It allowed the CCP to directly threaten the United States’ homeland security and United States forces overseas. That included developing and deploying weapons of mass destruction, advanced conventional weapons, and malicious cyber-enabled actions against the United States and its people. It seems the easy money is more attractive to Wall Street. However, I believe that there are still elites who will put their nation first and confront the threats and dangers caused by the CCP. It’s time to unite and put U.S. homeland security in the first place. 

References:

https://techblog.comsoc.org/2021/01/01/analysis-and-implications-chinas-3-major-telecom-operators-to-be-delisted-by-nyse/

https://www.reuters.com/article/us-china-usa-telecom-nyse-idUSKBN29A0CA

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