China Slams ‘Political’ NYSE Delisting of Top Three Mainland Telecoms, Will Have ‘Limited’ Effects

The news comes after the Trump administration delisted China’s top three telecoms – China Telecom Corp Ltd, China Mobile Ltd and China Unicom Hong Kong Ltd – over alleged ties to the Chinese military.

China’s securities’ body has slammed the Trump administration’s delisting of three top Chinese telcoms on Sunday in a statement as being used for “political purposes”.

According to the Chinese Securities Regulatory Commission (CSRC), the three telecoms had “always adhered to market rules and regulatory requirements” in US securities markets and were “widely recognised by global investors”.

But the size of the firms’ presence in US markets was “small”, the CSRC said, adding their American Depositary Receipts (ADRs) were only 2.2 percent of total equity shares.

China Telecom and China Unicom’s market capitalisation in the US remained at 800m RMB (123.7m USD) and 1.2bn RMB (185.6m USD), respectively, the CSRC said.

Due to the small presence in the NYSE, the direct impact of the delisting would be “rather limited” on the growth of the three telecoms and market performance, it added.

The CSRC added the US as an international finance centre was to “build on the trust of the global enterprises and investors”.

The statement concluded, urging the US to “show respect” for the global market and uphold the rule of law, among others.

The news comes amid outgoing US President Donald Trump’s trade war against China, which targeted numerous firms in recent months such as Huawei Technologies, ZTE, mainland chipmaker SMIC, TikTok owner ByteDance and WeChat owner Tencent, among dozens others, in a bid to limit Beijing’s rise as the global leader in emerging technologies.

But Beijing inked the 15-member Regional Cooperative Economic Partnership (RCEP), the world’s largest in history valued at $26.2tn, and an ‘in principle’ deal with the European Union, the world’s largest market, in recent months, expanding Beijing’s presence in international markets.

Sourse: sputniknews.com

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