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NYSE to again delist 3 Chinese telecom companies

The New York Stock Exchange reversed itself for a second time Tuesday and said it will delist three China companies Monday. Photo by John Angelillo/UPI
The New York Stock Exchange reversed itself for a second time Tuesday and said it will delist three China companies Monday. Photo by John Angelillo/UPI | License Photo

Jan. 6 (UPI) -- The New York Stock Exchange will delist three Chinese telecommunications companies, after all, reversing itself a second time in a head-spinning move after pressure from the Trump administration.

The exchange said Wednesday it made it reversal after "new specific guidance" from the Treasury Department's Office of Foreign Assets Control. That guidance means trading in shares of China Mobile Ltd., China Telecom Corp. and China Unicom Ltd. will end Monday.

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On New Year's Eve, the NYSE said it had started the process of delisting the companies following an executive order from the Trump administration that prevents U.S. residents from investing in companies tied to China's military.

China's Securities Regulatory Commission complained Trump's executive order was "based on political purposes" and had "entirely ignored the actual situations of relevant companies and the legitimate rights of the global investors."

On Monday, the exchange said it had reversed its decision and would not delist the companies "in light of further consultation with relevant regulatory authorities."

That brought immediate pushback from Treasury Secretary Steven Mnuchin, who complained to NYSE President Stacey Cunningham about the reversal. A senior administration officials told CNBC that Mnuchin disagreed with the decision.

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The exchange said the new "guidance" from the Office of Foreign Assets Control reiterated that people in the United States are outlawed from certain transactions with the companies.

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