THE BACK AND forth over the New York listing of the shares of China Mobile, China Telecom and China Unicom HK takes another turn with the three state-backed telecommunications companies asking the New York Stock Exchange (NYSE) to review its twice reversed decision to delist them.
The NYSE took the action in response to the then US administration’s banning of investment by US citizens in companies deemed to have connections to the People’s Liberation Army.
In a filing to the Hong Kong Stock Exchange, where all three have their primary listing, the companies said that they had asked the NYSE to lift the suspension of trading in their shares pending the reviews.
The requests came as Joe Biden was sworn in as US president in succession to Donald Trump and China’s foreign ministry spokesperson made a call for a reset of US-China relations if not exactly a return to the pre-Trump era status quo.
In the past few years, the Trump administration, especially [ex-US Secretary of State Mike] Pompeo, has laid too many mines, burned too many bridges and destroyed too many roads in China-US relations, which are waiting to be cleared, rebuilt and repaired. I think both China and the United States need to show courage and wisdom, truly hear, see and show respect to one another. This is what we should do as two major powers.
As the Trump administration left office, Beijing imposed sanctions on several of its officials, including Pompeo, accusing them of having ‘seriously violated’ China’s sovereignty. This followed Pompeo’s designation of China’s actions against Muslim Uighurs in Xinjiang amounted to crimes against humanity and genocide and a host of other actions taken in its final weeks of office.
However, the Biden administration will be in no hurry to pick up any olive branches being extended in its direction. The new president did not include any China-related executive orders by Trump in the slew he overturned on his first day. Nor has the invitation to Taiwan’s representative in the United States to attend his inauguration ceremony gone unnoticed in Beijing.