Beijing has sped up development of a blacklist that could be used to punish U.S. technology firms, with Huawei Technologies Co Ltd [HWT.UL] rival Cisco Systems Inc CSCO.O among the companies seen as likely to be included in the list, the Wall Street Journal reported on Monday.

However, Chinese leaders are hesitating to pull the trigger, with some arguing that a decision on the list should wait till after the U.S. election in November, the report said.

Cisco did not immediately respond to a Reuters request for comment. The network equipment maker’s shares were down about 2% in afternoon trade.