US industry group applauds NYSE move to delist three Chinese telecoms companies
- The exchange rejects the appeals by China Mobile, China Unicom (Hong Kong), and China Telecom to remain on the US stock exchange
- The NYSE starts the process to delist the companies’ American depositary receipts in 10 days
A US industry group on Monday applauded the New York Stock Exchange’s move to delist China’s big three telecommunications carriers to comply with a ban introduced last year by the Trump administration.
“The NYSE is doing the right thing by following the law and delisting these China telecoms companies,” said Zach Mottl, chairman at the Coalition for a Prosperous America (CPA), a bipartisan advocacy group for American manufacturing and agricultural interests.
“For decades, the Chinese Communist Party – with Wall Street’s help – has exploited US capital markets and American investors to build its national champion Chinese companies that help modernise the capabilities of the People’s Liberation Army,” said Mottl.
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CPA urged the Biden administration to continue to expand on the policies of the Trump administration to make sure that US capital markets are not accessible for “companies that support the [Chinese Communist Party] military-civil fusion strategy”.
Spokesmen at China Telecom and the NYSE declined to comment, while the NYSE, China Mobile, and China Unicom did not immediately respond to emails seeking comment.