The New York Stock Exchange is considering reversing course a second time to delist three major Chinese telecommunications firms after conferring further with senior authorities on how to interpret an executive order Trump issued Nov. 12, according to people familiar with the matter. Lawyers said the drama, whipsawing markets in recent days, is exposing theThe trio of companies — China Mobile Ltd., China Telecom Corp. and China Unicom Hong Kong Ltd.
The NYSE’s latest potential pivot follows a whirlwind 18 hours. The decision to keep the listings came as a surprise and sparked confusion among officials at the U.S. Treasury and State departments, and the National Security Council, and triggered exasperation that reached the highest levels of the Trump administration, according to people familiar with the matter, who asked not to be identified because the conversations were confidential.
A number of people involved in the process said such confusion was inevitable in such a hasty attempt to punish China as the Trump administration makes its way out the door. The Securities Industry and Financial Markets Association also hosted a call with more than 100 people, many from asset management firms and brokers, but it offered little clarity, another person said. The general consensus, that personGLOBAL INSIGHT: 92 Trillion Reasons Not to Delist China Telcos