NYSE bans Chinese telecom stocks in second about-face of the week
The New York Stock Exchange will delist three Chinese telecommunications stocks to comply with an executive order from the Trump administration — its second about-face on the issue this week.
Posted — UpdatedThe exchange said Wednesday that it would end trading of shares in China Mobile, China Telecom and China Unicom on Jan. 11. The decision comes after President Donald Trump banned Americans late last year from investing in firms that the US government suspects are either owned or controlled by the Chinese military.
The NYSE has now abruptly changed its position on the issue twice, sowing confusion among investors and whipsawing the companies' stocks.
The exchange first announced last week that it would bar shares of China Mobile, China Telecom and China Unicom. But it reversed course on Monday, citing "further consultation with relevant regulatory authorities."
By Wednesday, the exchange had reverted to its original position, citing "new specific guidance" from the US Treasury Department that was delivered on Tuesday.
— This story will be updated.
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