The New York Stock Exchange withdraws its plans to write off 3 Chinese telephone companies

New York (AFP) – The New York Stock Exchange said it is withdrawing its plans to remove shares of three state-owned telephone companies in China under an order from President Donald Trump.

The exchange indicated “further consultations” with US regulators, but did not provide further details of its decision in a notice issued late on Monday.

The New York Stock Exchange earlier announced plans to remove China Telecom Corp. , China Mobile Ltd and China Unicom Hong Kong Ltd. After Trump ordered in November to prevent Americans from investing in securities issued by companies believed to be linked to the Chinese military.

Shares traded in Hong Kong rose in the three companies Tuesday. China Telecom rose 5.7%, China Mobile jumped 5.5% and China Unicom shares jumped 6.7%. Shares in the three have fallen recently.

The Chinese government has accused Washington of misusing national security as an excuse to block competition and warned that Trump’s order would harm the United States and other investors around the world.

Political analysts expect a slight policy change under President-elect Joe Biden due to widespread frustration with China’s trade and human rights records, accusations of espionage and theft of technology.

US officials complained that the ruling Communist Party in China was exploiting access to US technology and investment to expand its army, which is already one of the largest and most well-armed in the world.

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