NYSE withdraws plans to delist 3 Chinese phone carriers

BEIJING (AP) — The New York Stock Exchange has withdrawn plans to remove shares of three Chinese state-owned phone carriers under an order by President Donald Trump that Beijing warned might lead to retaliation.

The exchange cited “further consultation” with regulators but its announcement late Monday gave no other details.

The NYSE said Thursday it would remove China Telecom Corp. Ltd., China Mobile Ltd. and China Unicom Hong Kong Ltd. under Trump's November order barring Americans from investing in securities issued by companies deemed to be linked to the Chinese military.

The order added to mounting U.S.-Chinese tension over technology, security and spying accusations.

The Trump administration has imposed export controls and other sanctions on some Chinese companies, visa curbs on members of the ruling Communist Party and other restrictions.

Political analysts expect little change in policy under President-elect Joseph Biden, who takes office Jan. 20, due to widespread frustration with China’s trade and human rights records and accusations of spying and technology theft.

Trump's November order bars Americans from investing in securities issued by companies deemed by the Defense Department to be part of efforts to modernize the Communist Party's military wing, the People's Liberation Army.

The 2 million-member PLA is one of the biggest and most heavily-armed militaries. It is spending heavily to develop nuclear submarines, stealth fighters, ballistic missiles and other advanced weapons.

The Pentagon has added 35 companies to its blacklist. In addition to the phone carriers, they include telecom equipment giant Huawei, China's biggest maker of processor chips, three state-owned oil producers and construction, aerospace, rocketry, shipbuilding and nuclear...