In sudden u-turn, NYSE scraps plan to delist three Chinese telecom firms

The New York Stock Exchange said it no longer intends to delist three Chinese telecom giants – a shock reversal of an announcement made only last week and deepening confusion over a US crackdown on firms said to be linked to China’s military.

The bourse, which had planned to delist the companies before Jan. 11, said in a brief statement it had made the decision “in light of further consultation with relevant regulatory authorities.”

Hong Kong-traded shares in the state-backed firms, China Mobile Ltd, China Telecom Corp Ltd and China Unicom Hong Kong Ltd, surged following the news.

Coming in the final weeks of Donald Trump’s presidency, the flip-flop has underscored the lack of clarity about the implementation and implications of the US ban on investment in 35 Chinese companies deemed to have military links.