Daily Management Review

China warns against delisting of Chinese firms from NYSE


01/08/2021


The delisting of three Chinese operating companies from the New York Stock Exchange would hurt state interests and the reputation of the United States, Chinese Foreign Ministry spokeswoman Hua Chunying said at a briefing on Thursday.



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The New York Stock Exchange (NYSE) said it would still delist three major Chinese operators China Telecom Corp Ltd, China Mobile Ltd and China Unicom (Hong Kong) Ltd. The exchange specified that the transactions will be stopped on January 11, 2021.

"I believe China's position on this issue is very clear. Such actions by the US will ultimately hurt its own national interests, reputation and image, and its status and credibility as a global capital market will inevitably be undermined," the diplomat said.

Hua Chunying stressed that "China will take necessary measures to protect the legitimate rights and interests of Chinese enterprises."

She added that the repeated changes in the New York Stock Exchange decisions were noticed by many international media, "some US media noted that, although these US actions were aimed at putting pressure on Chinese companies and the government, US investors were ultimately punished."

The exchange had earlier reported that it had changed its mind about delisting Chinese operators China Telecom Corp Ltd, China Mobile Ltd and China Unicom (Hong Kong) Ltd after "consultation with regulators". Afterwards, US Treasury Secretary Steven Mnuchin said in a phone conversation with NYSE President Stacey Cunningham that he disagreed with the NYSE's decision.

source: reuters.com