Home Business NYSE flipflops yet again on plan to delist Chinese telecom giants

NYSE flipflops yet again on plan to delist Chinese telecom giants

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The New York Stock Exchange is reversing course on its own course reversal and will delist three Chinese telecommunications companies after being pressured by outgoing Treasury Secretary Steven Mnuchin.

After announcing on New Year’s Eve that it would honor President Trump’s executive order banning Americans from putting their money in stocks tied to the Chinese military by delisting three Chinese telecom stocks, the exchange changed its mind on Monday vaguely citing that it had received new regulatory guidance against the delistings.

But on Wednesday, NYSE announced that it had doubled back on its decision and will in fact remove the stocks of state-owned phone carriers China Telecom, China Mobile and China Unicom at the closing bell. 

The double change of heart comes after a Tuesday report from Bloomberg that Mnuchin called NYSE president Stacey Cunningham personally to voice his displeasure with the decision to  halt the suspensions. 

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

The bizarre double u-turn will not sit well with Chinese officials. On Monday, a spokesman for the Chinese foreign ministry accused American political forces of “wantonly suppressing foreign companies” listed on US exchanges.

NYSE’s 360 spin also comes the morning after the exchange’s owner, International Continental Exchange chief Jeffrey Sprecher, saw his wife Sen. Kelly Loeffler, lose her special election bid to Democrat Raphael Warnock.