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US industry group applauds NYSE move to delist three Chinese telecoms companies

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South China Morning Post

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/reuters/05/12/20210512-new-york-stock-exchange-rtr.jpg?ext=.jpg"/><figcaption>People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, US, March 19, 2021.<em> Brendan McDermid, Reuters/File Photo</em></figcaption></figure></div><p>A US industry group on Monday applauded the New York Stock Exchange&#x27;s move to delist China&#x27;s big three telecommunications carriers to comply with a ban introduced last year by the Trump administration.</p><p>The Big Board last week rejected the appeals by the trio - China Mobile, China Unicom and China Telecom - to remain on the US stock exchange, the companies said in separate filings on Friday. </p><p>The NYSE applied to the Securities and Exchange Commission on the same day, starting the process to delist the companies&#x27; American depositary receipts in 10 days.</p><p>&quot;The NYSE is doing the right thing by following the law and delisting these China telecoms companies,&quot; said Zach Mottl, chairman at the Coalition for a Prosperous America (CPA), a bipartisan advocacy group for American manufacturing and agricultural interests.</p><p>&quot;For decades, the Chinese Communist Party - with Wall Street&#x27;s help - has exploited US capital markets and American investors to build its national champion Chinese companies that help modernise the capabilities of the People&#x27;s Liberation Army,&quot; said Mottl.</p><p>CPA urged the Biden administration to continue to expand on the policies of the Trump administration to make sure that US capital markets are not accessible for &quot;companies that support the (Chinese Communist Party) military-civil fusion strategy&quot;.</p><p>Spokesmen at China Telecom and the NYSE declined to comment, while the NYSE, China Mobile, and China Unicom did not immediately respond to emails seeking comment.</p><p>Last year, former US president Donald Trump signed an executive order to ban Americans from investing in a list of what eventually totalled 44 companies - including China Mobile, China Unicom, and China Telecom - that the Defence Department said had ties with China&#x27;s military.</p><p>Biden shows &#x27;more continuity than expected&#x27; from Trump policy on China.</p><p>&quot;We commend the Department of Defence for releasing this list of Chinese military companies operating in the United States,&quot; said Republican Senator Tom Cotton from Arkansas, calling the list &quot;one piece of a broader campaign our nation must wage against the Chinese Communist Party and its parasitic technology transfer efforts&quot;.</p><p>In January, the NYSE made two reversals within two days in its delisting decisions of the companies. The flip-flops were caused by confusing guidance about which firms were covered by the executive action.</p><p>The various US government departments were also at odds of how tough the ban should be. The Treasury Department had wanted to be more cautious and implement a narrower order to avoid disruption in the markets.</p><p>Shortly after Joe Biden took office, the three Chinese companies appealed the stock exchange for a review to reconsider its decision.</p><p>In the filings last Friday, the telecoms companies stressed that they have complied &quot;with the laws and regulations, market rules as well as regulatory requirements&quot;.</p><p>In a notable contrast, two other Chinese companies that are also on the Defence Department list of military companies - Xiaomi and Luokung Technology - both won court battles to be exempted from sanctions.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/01/16/20/us-china-trade-deal-whats-in-and-out-the-agreement">US-China trade deal: What’s in (and out) the agreement</a></li>	<li><a href="https://news.abs-cbn.com/business/12/13/19/the-us-china-trade-war-where-are-we-now">The US-China trade war: where are we now?</a></li>	<li><a href="https://news.abs-cbn.com/ancx/culture/spotlight/08/28/19/how-the-us-china-trade-war-is-shaping-up-and-whats-at-stake-for-filipinos">How the US-China trade war is shaping up, and what&#x27;s at stake for Filipinos</a></li></ul><div><strong>RELATED VIDEO: </strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1631100" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>A US industry group on Monday applauded the New York Stock Exchange's move to delist China's big three telecommunications carriers to comply with a ban introduced last year by the Trump administration.</p>

A US industry group on Monday applauded the New York Stock Exchange's move to delist China's big three telecommunications carriers to comply with a ban introduced last year by the Trump administration.