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United States Businesses China

NYSE To Delist Chinese Telco Giants on US Executive Order (bloomberg.com) 82

Posted by msmash from the tussle-continues dept.
The New York Stock Exchange said it will delist three Chinese companies to comply with a U.S. executive order that imposed restrictions on companies that were identified as affiliated with the Chinese military. From a report: China Mobile, China Telecom, China Unicom Hong Kong will be delisted between Jan. 7 and Jan. 11, according to a statement by the exchange.
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NYSE To Delist Chinese Telco Giants on US Executive Order More

NYSE To Delist Chinese Telco Giants on US Executive Order

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  • What about delisting ... (Score:4, Insightful)

    by AlexHilbertRyan ( 7255798 ) on Thursday December 31, 2020 @10:38PM (#60883922)
    the american companies and jailing the ceos that sent jobs and manufacturing to china to save costs and educated them with all sorts of tech. They are the real traitors, short time gain of a few dollars, and they have built up a new totalitarian enemy.

    • Re: (Score:2, Interesting)

      by Anonymous Coward

      Why don't flag-waving US companies set up factories in Central America?

      Plenty of cheap labor and with the hysteria over wall-building, to strengthen regional economies in, say, Nicaragua would lessen the push factors. You win, they win.

      Better than bribing Foxconn to construct an empty building in Wisconsin.

      • Re: (Score:3, Insightful)

        by Anonymous Coward

        Why don't flag-waving US companies set up factories in Central America?

        You really have no idea what the US has been doing to those countries for the last hundred years do you...

      • Mostly too much political corruption and too much gang violence. Chances are very high that if you invest in anything over there, you'll probably lose it unless you either pay protection money or bribe politicians, both of which will probably land you into trouble with the US government.

    • Yeah, damn those *checks notes* Republican leaders for opening trade relations with China.

      • Yes actually [wikipedia.org]
      • Big difference between opening trade and sending equipment and knowledge on how to build high tech anything. Its a crime for example to sell high tech military technology yet with western including America money and machinary and education china wouldnt have factories and millions of engineers who know can design and build lots of kool stuff with military application.

      • Re:What about delisting ... (Score:5, Insightful)

        by ShanghaiBill ( 739463 ) on Friday January 01, 2021 @05:05AM (#60884272)

        The consensus was that economic liberalization would lead to political liberalization, and China would become yet another democratic Asian Kitten like Taiwan and South Korea.

        That strategy worked in Central Europe. Back in the 1990s, it appeared to be working in Russia too.

        Unfortunately, that is not what happened.

        • Re: (Score:2, Insightful)

          by AmiMoJo ( 196126 )

          China has become much like certain Western countries, only it doesn't hide what it is so well.

          Just look at all the people defending family separations and kids in cages because "it's the law". Lots of stuff is the law in China too, it's just that they are bad guys and we are good guys.

          • Comment removed based on user account deletion
            • Hey, at least when we commit our atrocities, we're slightly better than China. America: number 1 at holding itself to standards just a smidge higher than totalitarian states.

              • reminds me of this cartoon:
                https://chander.typepad.com/ph... [typepad.com]

          • No, China is still a totalitarian state where the will of the CCP transcends all other national interests. Even people's lives don't matter.

            • That is actually not the problem.
              Them somehow thinking their actions are good for their own people, is.
              A benevolent dictator that listens to the wisest of the nation and dismisses the cries of those literally too stupid or brainwashed for their own good, would even do the US some good compared to democracy. (Which is why the senate and congress exist and make it not an actual (=direct) democracy but still enough to let idiots have power.)

              Of course the core problem there is: How do you know who is wise and w

        • Do you really believe that nonsense ? Do you really thninnk those corporations wanted to bring freedom or do you think they did it for a dollar. America has always only done things for a dollar, freedom is almost never a priority, just ask the poeople of South America, Middle East and more. ASk uncle Saddam, the Saudi family, the banana dictators of central america or maybe that should be the people of those places.
    • Sure, but this is a good start!

    • Re: (Score:3)

      by jythie ( 914043 )
      Heh. I am trying to picture a world where the NYSE delists companies due to their association with the US military.. an organization that openly flouts IP law and can extend that exemption to companies that it contracts to.
  • Don't forget to delist Apple and Tesla though.
    • Apple and Tesla are U.S. companies that merely manufacture stuff in China, but have no dealings with the PLA. Or are you implying that anyone that sells or manufactures in China is complicit in the acts of the PLA?

      • And what do you think those entities that do the manufacturing do? Magically be allowed to exist in defiance of their own govrnment's laws? Go try that ... in the US too.

        What would you do, if a Chinese-originated business uses the same strategy that apparently you morons can't see through?

  • It will just be reversed two weeks later when Biden comes in.

    • Assuming he hasn't determined that reversal to be illegal. For a lawmaker he has strange notions of legality. He should have copied those ideas from smarter scholars.
    • Comment removed based on user account deletion

      • Oh please, just because somebody isn't on board with your twitter fatwa doesn't make them an infidel.
        Oh, my choice of terms is a deliberate metaphor.

    • > It will just be reversed two weeks later when Biden comes in.

      That will be great, since the companies aren't in compliance.

    • Re: (Score:2)

      by AmiMoJo ( 196126 )

      I hope so. The end to this trade war will be good for everyone.

      Continuing it will be very, very bad. The Chinese have been waiting to see what the outcome of the election would be and what the new administration does. If they don't reverse then China will start major retaliation, and that will hurt a lot of ordinary Americans who don't deserve to be caught up in this.

  • Thank you note from HK Stock Exchange (Score:3)

    by khchung ( 462899 ) on Thursday December 31, 2020 @11:04PM (#60883958) Journal

    Hard to say if London would reap any benefits, but the HK Stock Exchange definitely stand to benefit greatly from this, its stock price had already gained over 40% compared to Dec 2019 (pre-covid).

    With China being the only major economy to have positive growth in 2020 and also have good outlook for 2021, it is a really nice gift for Trump to push new Chinese IPO to HKSE instead NYSE.

    • If their economy is so great and growing, then why bother listing on the NYSE to begin with? hmm.

      • Re: (Score:2, Insightful)

        by Anonymous Coward

        Did you seriously just make the argument "If you're making money, then why bother making even more money" ???

      • Re:Thank you note from HK Stock Exchange (Score:5, Interesting)

        by khchung ( 462899 ) on Friday January 01, 2021 @02:31AM (#60884168) Journal

        If their economy is so great and growing, then why bother listing on the NYSE to begin with? hmm.

        Getting foreign investment money.

        The main reason Chinese companies listing in exchanges outside China is so to make it easy for foreign investors to buy their stock, which is one way to easily obtain lots of USD cash. They could do the same by listing in other exchanges such as in London or HK or Singapore.

        It used to be that listing in NYSE also give some privileged status to the Chinese companies. Well, thanks to Trump, there is now no doubt that listing in NYSE is actually a liability to these companies. London or Singapore may have a similar risk to a lesser extend (not to mention Brexit for London), so HKSE would be the most logical choice now.

        • Singapore is likely better for foreign investment. London is obviously susceptible to similar issues as NYSE. HK is under China control, so it may scare away some investors. Singapore is seen as sitting in the middle between US and China politically and working hard on maintaining this neutrality.

        • True. You get foreign investment money. Unfortunately, you also get exposure to "rule base world order" as in "my game my rules" and "I am altering the deal, pray that I do not alter it any further". The Russians went that path. A long list of their companies took their listings off LSE and other foreign exchanges and put them back at home. Better to get less investment than to lose all of it.

          The only ones which lose in this are our banks and pension funds.

    • Re: (Score:2)

      by _merlin ( 160982 )

      They can't list on HKSE though. HKSE has a "one share, one vote" for all listed companies. These Chinese companies all list in the US so they can issue non-voting stock, and sell a dubious concept of "ownership" without voting rights.

      • Re: (Score:2)

        by khchung ( 462899 )

        They can't list on HKSE though. HKSE has a "one share, one vote" for all listed companies. These Chinese companies all list in the US so they can issue non-voting stock, and sell a dubious concept of "ownership" without voting rights.

        Your information was out of date. That rule was changed recently and Alibaba already got listed in HKSE with different voting rights.

        BTW, lots of US & UK companies played the same game to keep their power while getting investor money. HKSE used to allow the same rules in colonial days, and the Brits only changed it when approaching 1997 before returning HK to China (some alluded it was intentionally to sabotage HKSE in favor of LSE). And recently that rule got changed back.

  • US cannot comprehend that not every country follows capitalism and free trade. Selectively delisting companies and favoring others is a step in the right direction though.

    • Re: (Score:2)

      by jythie ( 914043 )
      The US does not care if other countries follow capitalism and free trade, it only cares if its eltes get a cut or not. Open up your economy for 'investment' and all sins are forgiven... restrict american investment and no matter how 'free' your country is you become 'evil communists'.
  • I propose we ban all Chinese goods that a) have a computer inside and b) connect fo the internet. That means that cheap toys and electric kettles from China could still be sold over here. But TV's, internet camera's and computers are henceforth BANNED. All software from China should also be banned. That's looking at you Zoom!!
  • I can't buy shares in these companies through another exchange. Soon, the NYSE will begin to resemble a grocery store in th USSR.

  • That Trump thinks his actions won't have any consequences because he still thinks the US is all-powerful.

    As if the Saudis simply selling their oil to China, when the US demanded a price that would have made them a loss, in the 2000s, taught him nothing.

    But go on... dismantle the former world bully even more... Nobody complains.

    (If only China would not be a just as bad drop-in replacement...)

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