New York Stock Exchange to delist three Chinese companies under Trump order

New York Stock Exchange to delist three Chinese companies under Trump order”

China will take "necessary measures" to safeguard the interests of its companies after the New York Stock Exchange began delisting three Chinese telecom firms accused of having military ties, the country's commerce ministry said on Saturday. Trump issued an order Nov 12 barring investment in publicly traded companies that the United States government says are owned or controlled by the Chinese military.

The exchange says China Telecom, China Mobile and China Unicom Hong Kong will be delisted from the exchange.

The November executive order sought to give teeth to a 1999 law that mandated that the Department of Defense compile a list of Chinese military companies.

The three firms' shares are thinly traded in the USA compared to their primary listings in Hong Kong.

The companies earn all of their revenue in China and have no significant presence in the US.

USA stock exchanges including the NYSE and Nasdaq courted Chinese companies during the past decade to list their shares on their stock markets.

More news: Colorado Health Officials Find Possible 2nd Case Of U.K. Coronavirus Variant

The Chinese foreign ministry later accused the USA of "viciously slandering" its military-civilian integration policies and vowed to protect the country's companies.

Trump's order prohibits U.S. companies and individuals from owning shares in any of the 31 companies, which also include video surveillance firm Hikvision and China Railway Construction Corp. The move by the NYSE, which will limit U.S. investor access, follows global index providers MSCI Inc, S&P Dow Jones Indices and FTSE Russell and Nasdaq deleting various Chinese companies from their indexes.

The Federal Communications Commission barred China Mobile from operating in the United States, and then in December demanded its carriers to remove equipment made by Huawei Technologies. As 2020 progressed, the China-US economic conflict resumed, and was exacerbated by back-and-forth claims about the origins and spread of the coronavirus, and alleged US meddling in China's affairs in Hong Kong, Xinjiang and contested sea areas of the South China Sea.

Global exchanges, including NYSE and Nasdaq Inc., courted Chinese companies during the last decade as they attempted to expand their IPO business, particularly in the internet sector.

Companies including e-commerce giants Alibaba Group Holding Ltd. and Inc., which already had listings in NY, conducted secondary listings in Hong Kong in the last two years as tensions between the US and China intensified on a range of issues including trade and the novel coronavirus.

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