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Photo: Johannes Eisele/AFP via Getty Images

The New York Stock Exchange announced late Monday it no longer plans to delist three Chinese companies.

Why it matters: The NYSE said last Thursday it would suspend trading action from Jan. 7 for China Mobile, China Telecom, and China Unicom Hong Kong following a Trump executive order that imposed restrictions on firms the U.S. identified as being affiliated with the Chinese military.

What they're saying: NYSE spokesperson Farrell Kramer declined to comment on what had changed in relation to compliance with the executive order. But Kramer referred Axios to a stock exchange statement saying that "in light of further consultation" it no longer intends to move forward with the delisting action."

  • "At this time, the Issuers will continue to be listed and traded on the NYSE," per the statement.
  • "NYSE Regulation will continue to evaluate the applicability of Executive Order 13959 to these Issuers and their continued listing status."

Of note: The Chinese Ministry of Commerce on Saturday reacted to the NYSE's original announcement by saying it would take "necessary measures" to protect China's companies, per Reuters.

  • "This kind of abuse of national security and state power to suppress Chinese firms does not comply with market rules and violates market logic," the ministry said in a statement.

Background: In November, President Trump signed the executive order prohibiting American firms and individuals from owning shares in any of the 31 Chinese companies previously listed as enabling China's army, effective Jan. 11.

  • The order described the army is a threat to the U.S. and is "increasingly exploiting United States capital" to gain an edge in its military-industrial complex.

Editor's note: This article has been updated with new details throughout.

Go deeper

Jan 26, 2021 - World

Former Google CEO and others call for U.S.-China tech "bifurcation"

Illustration: Aïda Amer/Axios

A new set of proposals by a group of influential D.C. insiders and tech industry practitioners calling for a degree of "bifurcation" in the U.S. and Chinese tech sectors is circulating in the Biden administration. Axios has obtained a copy.

Why it matters: The idea of "decoupling" certain sectors of the U.S. and Chinese economies felt radical three years ago, when Trump's trade war brought the term into common parlance. But now the strategy has growing bipartisan and even industry support.

Kendall Baker, author of Sports
2 mins ago - Sports

European soccer is at war

Liverpool celebrating its 2019 Champions League victory. Photo: Nigel Roddis/Getty Images

Europe's biggest soccer clubs have established The Super League, a new midweek tournament that would compete with — and threaten the very existence of — the Champions League.

Why it matters: This new league, set to start in 2023, "would bring about the most significant restructuring of elite European soccer since the 1950s, and could herald the largest transfer of wealth to a small set of teams in modern sports history," writes NYT's Tariq Panja.

Dion Rabouin, author of Markets
31 mins ago - Economy & Business

2021's expected earnings blowout begins

JPMorgan CEO Jamie Dimon. Photo: Mark Kauzlarich/Bloomberg via Getty Images

First-quarter earnings so far have been very strong, outpacing even the rosy expectations from Wall Street and that's a trend that's expected to continue for all of 2021. S&P 500 companies are on pace for one of the best quarters of positive earnings surprises on record, according to FactSet.

Why it matters: The results show that not only has the earnings recession ended for U.S. companies, but firms are performing better than expected and the economy may be justifying all the hype.