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yX lC Telecoms: appeal of the 3 Chinese companies against their exclusion from Wall Street - The Times Hub

Telecoms: appeal of the 3 Chinese companies against their exclusion from Wall Street

Telecoms: appeal of the 3 Chinese companies against their exclusion from Wall Street

Beijing | The three Chinese telecom giants withdrawn from the listing on Wall Street on Wednesday asked the New York Stock Exchange to reverse this decision, the same day the Biden administration took office.

In separate but identical statements released Thursday Beijing time, China Mobile, China Telecom and China Unicom claim to have asked the New York Stock Exchange the day before to initiate a review of its decision.

After two successive reversals, the New York stock exchange platform announced earlier this month its intention to delist the three companies controlled by the Chinese government, which are also traded on the Hong Kong Stock Exchange.

It was thus obeying a decree of November 12 from President Donald Trump, prohibiting transactions in companies accused of being involved in the development of the Chinese military complex.

In their press releases, the three companies specify that the review must take place at least 25 working days after the filing of their request.

By filing their appeal on the very day of the inauguration of new President Joe Biden, these companies seem to be banking on a change in US policy vis-à-vis China, after the confrontation of the Trump era.

But during a Senate hearing on Tuesday, Joe Biden’s future Treasury Secretary Janet Yellen assured that the new administration would follow in the wake of the previous one.

“We must tackle China’s abusive, unfair and illegal practices,” Yellen summed up, citing “the theft of intellectual property”, “forced transfers of American technology” or “illegal subsidies” paid by Beijing to its public enterprises.

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