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Business

NYSE flipflops yet again on plan to delist China telecom stocks

By
Thornton McEnery
Published Jan. 6, 2021
Updated Jan. 6, 2021, 6:51 p.m. ET

Shares of China telecom companies dropped on Wednesday after the New York Stock Exchange reversed course — yet again — on its controversial plan to delist them.

Wednesday’s reversal marks the third change in less than a week as the storied exchange located in downtown Manhattan struggles to comply with an executive order signed by President Trump in November that prohibits Americans from investments in a list of companies with alleged ties to China’s military, intelligence and security services.

Shares of China Mobile were down 5.8 percent to $27.65 a share; China Telecom dropped 4.3 percent to $27.11 and China Unicom fell 4.3 percent to $5.88 a share.

The NYSE said it will suspend all three Chinese telecommunications stocks at 4 p.m. on Jan. 11 after outgoing Treasury Secretary Steven Mnuchin objected to its decision on Monday to reverse its stance on the initial delisting plan, which took investors by surprise less than a week earlier on New Year’s Eve.

The initial trading ban was supposed to kick off on Jan. 11, and investors would have had until November to shed their holdings. But it led to complaints from investors because the timing would have forced them to unwind their positions at a time when China telecom stocks have been weighed down by heavy investments in 5G technology.

NYSE’s final flipflop was communicated via a press release and a spokesperson for the exchange told The Post it will not be commenting further on the matter.

Bloomberg reported on Tuesday that Mnuchin called NYSE president Stacey Cunningham personally to voice his displeasure with the Monday decision to halt the suspensions. 

NYSE’s U-Turn comes after Sen. Kelly Loeffler, the wife of Jeffrey Sprecher, head of the exchange’s International Continental Exchange owner, lost her special election bid to Democrat Raphael Warnock.

The move is expected to worsen the US’s already stressed ties with China. On Monday, a spokesman for the Chinese foreign ministry accused American political forces of “wantonly suppressing foreign companies” listed on US exchanges.