Manhattan transfer

11 Jan 2021 By Jennifer Hughes Follow @JennHughes13

The dizzying reversals on what to do with three telecom operators has settled on ousting them from the Big Board. Other state-backed companies may be targeted too by Washington. Most derive little benefit any more from their NYSE presence. It’s time to pack up anyway.

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The New York Stock Exchange said on Jan. 6 it would delist three state-backed Chinese telecommunications companies, reversing itself yet again after previously saying it would delist them and then saying it wouldn’t. The decision follows a November executive order by U.S. President Donald Trump, who barred Americans from investing in publicly traded companies the government deems to have ties to the Chinese military.

The order has caused confusion over which companies are covered. The NYSE said on Jan. 4 it was dropping the delisting plan following additional consultation with the U.S. Treasury. It later said it was following “new specific guidance” from the agency.

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