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NYSE to delist three Chinese telecoms, reversing decision again

NYSE to delist three Chinese telecoms, reversing decision again
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The New York Stock Exchange reversed course again Wednesday, choosing to delist three major Chinese telecommunications companies.

The NYSE said in a statement that the decision is based on new guidance from the Treasury Department.

The original announcement of plans to delist China Mobile Ltd., China Telecom Corp Ltd. and China Unicom Hong Kong Ltd. was made last Thursday in order to comply with an executive order by President TrumpDonald TrumpUS, South Korea reach agreement on cost-sharing for troops Graham: Trump can make GOP bigger, stronger, or he 'could destroy it' Biden nominates female generals whose promotions were reportedly delayed under Trump MORE.

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Trump argued the November order was necessary as the Chinese government seeks to influence “civilian Chinese companies to support its military and intelligence activities,” which he said presents an “unusual and extraordinary threat” to the U.S.

None of the three companies have significant footprints in the U.S. and China has accused Trump of using nebulous national security threats to curb competition.

Late Monday night the NYSE reversed its plans, saying that the companies could continue to be traded “in light of further consultation with relevant regulatory authorities.”

The latest course correction comes after Treasury Secretary Steven MnuchinSteven MnuchinBiden cautious in making Trump tax returns decision Biden brings back bipartisan meetings at the White House On The Money: Schumer urges Democrats to stick together on .9T bill | Collins rules out GOP support for Biden relief plan | Powell fights inflation fears MORE reportedly criticized Monday’s reversal.

As of Wednesday afternoon, trading of the three securities will be suspended at 4 p.m. EST this coming Monday.