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NYSE Abruptly Reverses Plan To Delist Three Chinese Telecoms (bloomberg.com) 73

Posted by msmash from the u-turn dept.
The New York Stock Exchange has abruptly reversed plans to delist three major Chinese telecommunications companies after consulting regulators about an investment ban ordered by President Donald Trump. From a report: Coming days before the companies were to be delisted -- and just over two weeks before Trump is to leave the White House -- the U-turn avoids a step that threatened to heighten U.S.-China tensions further. The Big Board gave no reason for its decision in a statement released during Asian hours, saying only that it had consulted "relevant regulatory authorities" about Trump's executive order, signed in November as part of his administration's push to check China's growing economic power. The move came as a surprise and sparked confusion among officials at the U.S. Treasury and State departments, and National Security Council, according to people familiar with the matter, who asked not to be identified because the conversations were confidential. The about-face, described as "bizarre" by a Jefferies Financial Group Inc. analyst, also whipsawed investors who on Monday had sold shares of the Chinese telecom companies and raced to bet on which stocks might be delisted next. China Mobile Ltd., China Telecom and China Unicom Hong Kong all rallied on Tuesday.
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NYSE Abruptly Reverses Plan To Delist Three Chinese Telecoms More

NYSE Abruptly Reverses Plan To Delist Three Chinese Telecoms

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  • Ready, shoot, aim (Score:5, Funny)

    by Tablizer ( 95088 ) on Tuesday January 05, 2021 @03:14PM (#60900370) Journal

    Entrumpy

  • The end of ...? (Score:4, Funny)

    by hackingbear ( 988354 ) on Tuesday January 05, 2021 @03:18PM (#60900386)

    This indicates the end of American populism. Or at least a pause of which.

    It also proves that:

    "The USA is a paper tiger" -- Chairman Mao

    • Re: (Score:2)

      by Nidi62 ( 1525137 )

      This indicates the end of American populism. Or at least a pause of which.

      End? No. Pause? Maybe until tomorrow. Populism is here to stay in the US for the foreseeable future.

    • Re: (Score:2)

      by schwit1 ( 797399 )

      The Democrat party didn't flip a single incumbent Republican House seat. The GOP flipped 12?

      The Republicans won almost every election where redistricting was at stake [fivethirtyeight.com]

      Trump filled court seats at a record pace with 3 on SCOTUS and if the GOP wins either Georgia senate seat then the Harris presidency is lame duck from day 1.

      Sounds like the GOP and populism are doing just fine. Same for the UK.

  • Oh well (Score:4, Insightful)

    by DMJC ( 682799 ) on Tuesday January 05, 2021 @03:26PM (#60900428)
    Just another day in the decline of the USA. Good thing I've rotated all of my investments out to limit USD exposure. Have fun with the collapse of your civilisation. It's a shame, but just more of the same really. China has your jobs, next they'll have the military. US leadership is completely incompetent at reversing the trend. Democrats will focus on Russia and the Middle East while China eats the whole world.

    • Re: (Score:2)

      by Pascoea ( 968200 )
      New generation, new Red Scare.

    • Not really. Whether these companies are listed in an American stock exchange or not is irrelevant. Investors who want to invest will invest regardless of where they are listed. In this case it may as well be an American middleman profiteering and applying rules for disclosure. This is good common sense.

  • Comment removed based on user account deletion

    • human suffering (forced organ harvesting, concentration camps, etc.

      It also doesn't appear to be obvious to some "people" that the enumerated details are human rights crimes, some of them unilaterally enforceable under US law.

  • My guess is that they asked their lawyers if this was OK and the lawyers said something like..

    A) The president doesn't have that power. It needs
    B) You will get reamed in the courts when they sue

    So they walked it back.

    • My guess is that they asked their lawyers if this was OK and the lawyers said something like..

      A) The president doesn't have that power. It needs
      B) You will get reamed in the courts when they sue

      So they walked it back.

      Pretty much my first thought. They got actual, good legal advice, from real attorneys, and they said the president can't legally do that. One need only look at the president's current legal advisors for this to become the obvious most simple answer. I doubt Biden had anything to do with it at all. No need for a conspiracy when simple incompetence is a reasonable explanation.

      • My guess is that they asked their lawyers if this was OK and the lawyers said something like..

        A) The president doesn't have that power. It needs
        B) You will get reamed in the courts when they sue

        So they walked it back.

        Pretty much my first thought. They got actual, good legal advice, from real attorneys, and they said the president can't legally do that. One need only look at the president's current legal advisors for this to become the obvious most simple answer. I doubt Biden had anything to do with it at all. No need for a conspiracy when simple incompetence is a reasonable explanation.

        And they only need to ride it out for 15 days and then the problem is gone.

  • This story might already be out of date (Score:3)

    by rfunches ( 800928 ) on Tuesday January 05, 2021 @06:43PM (#60901124) Homepage

    This story might already be out of date:

    NYSE Mulls Reverting to Original Plan to Delist China Shares [bloomberg.com]

    Apparently NYSE made the reversal decision on their own last night. Mnuchin (Treasury Secretary) heard about it and called the NYSE President, Stacy Cunningham, to express the administration's displeasure with the reversal.

    There were multiple journalists today running their sources and couldn't get a peep out of anyone about what was going on over at NYSE. Bloomberg's story is citing "three people familiar with the matter" which makes you wonder who leaked this turn in events...

  • Classic. Just drag your feet until Trump's influence is on the downslope, then undo what he ordered.

    Prepare to see much, much, MUCH more of this in the next few months. 99% of what he did or tried to do will be unwound. The military waited him out, the courts waited him out, Wall Street waited him out. On a lot of issues where he wanted something stupid to happen, the state governments waited him out.

    Our system is designed like this. The president isn't a dictator. Just because the Great Orange t

    • Classic. Just drag your feet until Trump's influence is on the downslope, then undo what he ordered.

      And why thinking people might not want to tickle the tail of that dragon https://www.thebalance.com/u-s... [thebalance.com]

      Prepare to see much, much, MUCH more of this in the next few months. 99% of what he did or tried to do will be unwound. The military waited him out, the courts waited him out, Wall Street waited him out. On a lot of issues where he wanted something stupid to happen, the state governments waited him out.

      The great US experiment in allowing stupid people to run the government is over, and it failed.

      Our system is designed like this. The president isn't a dictator. Just because the Great Orange tweets it, doesn't mean it was handed down from god.

      I think his party, allowed him to believe he had dictatorial powers. Never dared to challenge his decisions until they overrode his defense bill veto.

      There's a strong case to be made that some publicly traded Chinese companies are in fact branches of the Chinese Communist Party and should be treated as such, i.e. not given the same rights as a normal company. But that will be determined by a combination of the president, congress, the courts, regulators, the states, and experts who can weigh in on the situation.

      It's a big world, not a reality show run by a person who has an amazing number of failures in business, and one huge belly flop into a tub of elephant shit fail

  • I bet someone involved in the NYSE made gobs of money on this decision.

  • Comment removed based on user account deletion

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