New York Stock Exchange (NYSE) officials confirmed that they are moving forward with removing three Chinese telecom operators from the index, in a process that has seen several twists in recent days. The most recent decision comes a day after Treasury Secretary Steve Mnuchin told NYSE officials that he disagreed with the previous decision to keep operators listed. The withdrawal of the three companies comes at a time when tensions in Washington over policy towards China are rising.
The NYSE had announced plans to remove China Mobile Ltd, China Telecom Corp Ltd and China Unicom Hong Kong Ltd last Thursday. On Monday, the 4th, he announced that after a review with the US political authorities, he would ultimately retain the companies. Two days later, the intention to remove them is announced, returning to the original plan. The removal should take place on January 11. Nearby sources confirm to Reuters that the most recent reversal came after Secretary Mnuchin called NYSE President Stacey Cunningham to express concerns that companies would remain publicly listed.
These advances and setbacks have caused the value of the shares to have risen and fallen significantly in recent days.
The S&P Dow Jones index announced the withdrawal of these three companies, also after several twists in recent days. On the other hand, at FTSE Russell and MSCI Inc the three operators will remain, but about ten other Chinese firms will be removed.