NYSE Says Again It Will Delist Three Chinese Telecom Stocks

Automatic TRANSCRIPT

The trump administration is in its final days. But that doesn't mean that they're not still pressing ahead with their aggressive china policy when it comes to tech president trump has signed an executive order banning transactions with aunt groups ali pay tencent's wechat pay and q. Q. as well as five other chinese payment apps quoting reuters lee order argues that the united states must take aggressive action against developers of china software applications to protect national security it tasks the commerce department with defining which transactions will be banned under the directive within forty five days and targets tencent holdings q. q. And we chat pay as well quote by accessing personal electronic devices such smartphones tablets and computers chinese connected software applications can access and capture vast swaths of information from users including sensitive personally identifiable information and private information. The executive order states such data collection quote would permit china to track the locations of federal employees and contractors and build dossiers of personal information the document ads and quote so as i've said several times when it relates to the subject i still haven't developed a definitive opinion about this whole tech cold war with china. Smart people. I know really do believe that. China's tech ambitions are set to the us's dominance in various ways and so must be meaningfully countered the problem. I'm having though is at least these last few years. The trump administration in my opinion hasn't put together a coherent argument about what they're doing. Or why so. It's hard for me to even form an opinion. That's not me being political. That's just me being someone in the tech industry that feels this whole posture. Vis-a-vis china by the government has been maddeningly inconsistent. So far case in point after pressure from the us government. The new york stock exchange said it would delist the stocks of three chinese companies china mobile china telecom and china unicom in order to satisfy an executive order imposing restrictions to prevent american companies and individuals from investing in companies identified as being affiliated with the chinese military. Now that was always the plan they were going to list these three companies and then two days ago the nyse reverse course and said it would no longer dealers those companies now today. they're reversing the reverse quoting cnbc. The exchange reversed that decision on monday causing much confusion treasury secretary mnuchin told the exchange that he disagreed with the original reversal. A senior administration official told. Cnbc's eamon jabar's the mis's said the latest reversal was due to new guidance. From treasury's office of foreign assets control that said people in the us could not engage in certain transactions with the three companies as of next monday trading of the three securities will be suspended at four pm eastern time on monday the exchange said and quote. See what. I mean confusing as all get out isn't it. China mobile is a one hundred billion dollar company. I believe they've been listed on the nyse for more than a decade. As i said before around these issues capitalism requires a clear set of rules that everyone involved in the great game of capitalism can understand if you don't know what the parameters of engaging and capitalism are then that's not capitalism so i guess one of the bigger questions going into the new year does president biden have as big an ax to grind with china tech as president trump. Did and will we get a more coherent position. Vis-a-vis chinese tech

Coming up next