In a surprising development, the New York Stock Exchange announced on Monday that it has decided to no longer proceed with the delisting of three prominent Chinese telecommunications companies, a decision initially made public on December 31st.

The original plan involved China Mobile, China Unicom, and China Telecom, stemming from the previous administration’s efforts to restrict investment in businesses believed to contribute to China’s military, intelligence, and security apparatus.

Currently, a total of 35 companies are included on the blacklist, encompassing the parent companies of the aforementioned telecom firms, as well as well-known entities like Huawei and China’s leading semiconductor manufacturer, SMIC.

The exchange stated that this change of course occurred “following additional discussions with pertinent regulatory bodies.” The companies will maintain their listing and continue trading on the NYSE as the exchange further assesses the application of the executive order to their status, as detailed in the announcement.

Some analysts viewed the potential delisting of these three telecom companies, which have been listed on the NYSE for approximately twenty years, as largely symbolic. Trading activity in New York represents a small fraction of the total shares available for trade, meaning the impact of a delisting “would be relatively minimal on the companies’ expansion and overall market performance,” according to a statement released by the China Securities Regulatory Commission on Sunday.

“The recent actions taken by certain political elements within the U.S. to consistently and without justification suppress foreign companies listed on U.S. markets, even at the expense of its own standing in global capital markets, have highlighted the potential for U.S. regulations and institutions to become arbitrary, imprudent, and unpredictable,” the Chinese regulatory authority explained.

“We trust that the U.S. will demonstrate respect for the market and adherence to the rule of law, undertaking actions that support the stability of global financial markets, the rights of investors, and the advancement of the global economy.”

Recently, several Chinese companies trading in the U.S. have chosen to pursue secondary listings in Hong Kong. Alibaba, JD.com, and NetEase have already launched in Hong Kong, and reports indicate that additional technology companies are considering a similar move. Leaders of Chinese tech firms are concerned about potential restrictions from the U.S. government, but also aim to emulate Alibaba’s success in Hong Kong and capitalize on funding prospects within China’s emerging Nasdaq-style board, which was established in 2019 with the intention of attracting these leading tech companies back home.