NYSE in a spin over Chinese telecoms delistings

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The New York Stock Exchange (NYSE) said it will delist three Chinese telecom companies after an earlier reversal of the decision.

The NYSE first announced it would delist China Mobile, China Telecom and China Unicom last week, following a Trump administration executive order.

It then reversed that decision this week, suggesting the order didn't require it to delist the companies.

Now, in a second about-face, the NYSE will delist the companies after all.

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The second reversal comes a day after the US Treasury Secretary Steve Mnuchin reportedly raised objections to the NYSE's earlier reversal.

The exchange cited "new specific guidance" from the US Treasury Department as a reason for reverting to its original position.

Trading in the securities will be suspended on 11 January, the NYSE said.

Shares of the three companies have been on a roller coaster ride due to the indecision, falling on the initial announcement, rising on the first reversal and falling again on the second.

Shares in all the companies fell around 8% in Hong Kong, where they are also listed.

"After an intense pressure campaign from those of us who believe we should prioritize the interests of American workers and mom and pop investors above Beijing and Wall Street, I am pleased that the NYSE decided to reverse their earlier announcement," said Republican Senator Marco Rubio.

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