Monday , January 25 2021

The Secretary of the Ministry of Finance calls on the NYSE to disagree with the withdrawal of the plans for the abolition of the three Chinese companies | NYSE Finance News

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The US Treasury Secretary called on the NYSE to disagree with the NYSE plan to withdraw the abolition of three Chinese companies

[Text / Observer Net Long Yue]On January 4, the listing of three Chinese companies on the New York Stock Exchange (NYSE) underwent a reversal. The same day, the exchange announced that it would no longer require the deletion.China UnicomChina Telecom, China Mobile can continue to be mentioned and traded.

However, the current NYSE decision was opposed by US Treasury Secretary Steven Mnuchin, and the “deletion incident” added more variables.

On January 6, a journalist from BloombergTwitterAccording to sources, Mnuchin called Stacey Cunningham, President of the NYSE, and said that he did not agree with the decision of the NYSE to withdraw the abolition of three Chinese telecommunications operators.

Bloomberg said that after Mnuchin criticized the NYSE, the exchange is considering continuing its plan to scrap Chinese companies.

Three people familiar with the matter said that the NYSE’s original plan to abolish Chinese companies was to comply with the Trump administration’s executive orders. After the question whether the order immediately banned these three Chinese companies, the NYSE changed its decision. People familiar with the matter said that if the New York Stock Exchange receives confirmation from the US government about the trading ban, it will continue its plan to abolish Chinese companies.

Mnuchin video screenshot

Mnuchin video screenshot

Bloomberg reference screenshotBloomberg reference screenshot

On the last day of 2020, the New York Stock Exchange issued a statement stating that in order to comply with the Trump administration’s executive order banning Americans from investing in “Chinese companies with a military background”, delisting proceedings will begin for the three big ones. China’s telecom operators and trading will be suspended from January 7 to January 11, 2021. However, only 4 days later, the NYSE withdrew the plan.

Bloomberg revealed that these reversal decisions of the New York Stock Exchange came as a surprise and confusion to some officials from the White House, the Treasury Department and the State Department.

At 5 a.m., during an internal debate in the U.S. government, Mnuchin expressed dissatisfaction with the NYSE approach. Officials involved in the debate at the time were White House Chief of Staff Mark Meadows, U.S. National Security Adviser Robert O’Brien and National Economic Council Director Larry Kudlow.

At the moment, representatives of the NYSE and the US Treasury Department declined to comment.

Reuters pointed out that the United States, the parent company of the NYSEIntercontinental exchange(ICE) is run by billionaire Jeffrey Sprecher. Sprecher’s wife Kelly Loeffler (Kelly Loeffler) is a former U.S. Intercontinental Exchange executive and Republican senator. At the same time, Loveler is an ardent supporter of Trump.

Regarding the withdrawal of the NYSE from the plan to abolish three Chinese companies, State Department spokeswoman Hua Chunying said at 5 that some US political forces were unjustifiably suppressing foreign companies listed in the US recently, reflecting the of its systems And uncertainty. The crackdown on Chinese companies will have very limited direct impact on Chinese affiliates, but it will also hurt US national interests and its own image, as well as the global state of the US capital market.

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Editor-in-Chief: Wang Yongsheng

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