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New York Stock Exchange again says it will delist 3 Chinese telecoms

The New York Stock Exchange on Dec. 18. Photo: Noam Galai/Getty Images

The New York Stock Exchange again reversed course Wednesday and announced it would delist three major Chinese telecom companies — China Mobile, China Telecom, China Unicom Hong Kong.

The backdrop: The NYSE originally announced it would delist the companies on New Year's Eve in order to comply with a White House executive order. The exchange then reversed course late on Monday and said it would no longer delist the telecoms.

Why it matters: The delisting complies with a November executive order that restricts American companies and individuals from owning shares in 31 Chinese companies with links to the People's Liberation Army, as part of an eleventh-hour effort from the Trump administration to increase pressure on China.

  • The NYSE said its latest reversal came after the Treasury Department's Foreign Assets Control office told the exchange on Tuesday that President Trump's order explicitly applies to equity-related securities of the three companies.
  • Trump signed a separate executive order on Tuesday to prohibit transactions with eight Chinese software applications, including Alipay and WeChat Pay. The White House deemed the apps a national security threat given their ability to access private information about their users.

What's next: Trading in securities associated with the three companies will be suspended early on Jan. 11.

Go deeper

Shawna Chen, Bethany Allen-Ebrahimian
Jan 12, 2021 - World

Harassment of Chinese dissidents was warning signal on disinformation

Illustration: Sarah Grillo/Axios

In the weeks leading up to the November presidential election, Chinese dissidents across the U.S. and at least five other countries found their homes blockaded by dozens of angry and sometimes violent protesters accusing them, without evidence, of being spies for China.

Why it matters: The protesters were mobilized through a disinformation ecosystem that overlaps with the one that led to violence in the U.S. Capitol last week. The harassment targeting the global Chinese diaspora was an early warning sign.

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Bethany Allen-Ebrahimian, Zach Dorfman of the Aspen Institute
Jan 12, 2021 - World

Newly declassified report lays out U.S. strategy in Asia

Illustration: Sarah Grillo/Axios

The Trump administration has declassified a report which lays out its Indo-Pacific strategy, including “accelerating India’s rise,” blocking China from establishing “illiberal spheres of influence,” and maintaining “U.S. strategic primacy” in the region, according to a copy viewed by Axios.

Why it matters: The strategy laid out in the ten-page report, written in early 2018, has guided the U.S. approach to China, India, North Korea and other nations in the Indo-Pacific region for the past three years. Its release sheds light on the geopolitical and security challenges soon to be inherited by the Biden administration.

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Axios
Updated 39 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: CDC director defends agency's response to pandemic — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Biden readies massive shifts in policy for his first days in office.
  3. Vaccine: Fauci: 100 million doses in 100 days is "absolutely" doable.
  4. Economy: Unemployment filings explode again.
  5. Tech: Kids' screen time sees a big increase.
  6. World: WHO team arrives in China to investigate pandemic origins.
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