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New York Stock Exchange to delist three Chinese companies on U.S. executive order

01 January 2021
Dan Ackermann

The New York Stock Exchange announced late on Thursday that it will delist three Chinese companies to comply with an executive order that imposed restrictions on firms the U.S. identified as being affiliated with the Chinese military.

Why it matters: The announcement, coming late on New Year's Eve when many aren't paying attention, is the latest escalation in tensions between the U.S. and China.

Details: The companies — China Mobile Ltd., China Telecom Corp Ltd., China Unicom Hong Kong Ltd. — will be suspended from trading between Jan. 7 and Jan. 11, and proceedings to delist them have started, the exchange said in a statement.

  • The companies have separate listings in Hong Kong and generate their revenue in China. They have no meaningful presence in the U.S. outside of their listings on the NYSE, according to Bloomberg.

The executive order, signed by President Trump in November, prohibits American companies and individuals from owning shares in any of the 31 Chinese companies previously listed as enabling the People’s Liberation Army, effective Jan. 11.

  • The order said the People’s Liberation Army is a threat to the U.S. and is “increasingly exploiting United States capital” to gain an edge in its military-industrial complex.

Our thought bubble, via Axios' Felix Salmon: China Mobile, currently valued at $117 billion, has been a mainstay of the New York Stock Exchange since its blockbuster IPO in 1997.

Transcripts show George Floyd told police "I can't breathe" over 20 times

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Newly released transcripts of bodycam footage from the Minneapolis Police Department show that George Floyd told officers he could not breathe more than 20 times in the moments leading up to his death.

Why it matters: Floyd's killing sparked a national wave of Black Lives Matter protests and an ongoing reckoning over systemic racism in the United States. The transcripts "offer one the most thorough and dramatic accounts" before Floyd's death, The New York Times writes.

The state of play: The transcripts were released as former officer Thomas Lane seeks to have the charges that he aided in Floyd's death thrown out in court, per the Times. He is one of four officers who have been charged.

  • The filings also include a 60-page transcript of an interview with Lane. He said he "felt maybe that something was going on" when asked if he believed that Floyd was having a medical emergency at the time.

What the transcripts say:

  • Floyd told the officers he was claustrophobic as they tried to get him into the squad car.
  • The transcripts also show Floyd saying, "Momma, I love you. Tell my kids I love them. I'm dead."
  • Former officer Derek Chauvin, who had his knee on Floyd's neck for over eight minutes, told Floyd, "Then stop talking, stop yelling, it takes a heck of a lot of oxygen to talk."

Read the transcripts via DocumentCloud.