You spin me round

6 Jan 2021 By Gina Chon Follow @GinaChon

The U.S. exchange flip-flopped again and will delist three PRC telcos after all. Meanwhile a White House ban on Alipay and other apps may take effect only after the current occupant leaves. And TikTok remains in limbo. Effective curbs on Beijing take more than tongue-lashings.

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The New York Stock Exchange said on Jan. 6 that it will delist three state-backed Chinese telecommunications companies after receiving updated guidance from the U.S. Treasury Department. The removal of China Mobile, China Telecom and China Unicom will take effect on Jan. 11.

NYSE is making the move to comply with a November executive order by President Donald Trump, who barred U.S. persons from investing in certain publicly-traded companies that the government deemed to have ties to the Chinese military. The exchange initially said on Dec. 31 that it would delist the companies, then on Jan. 4 reversed that decision before the latest return to its original position.

Separately, Trump signed an executive order on Jan. 5 that bars U.S. transactions with eight Chinese apps, including Alipay. It’s up to the Commerce Department to define those transactions, and any ban could take effect within 45 days.

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