Economy

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 JD.com 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.



Like this

loading...
loading...

Latest


02 January 2021
Biden Has a Plan to Undo Trump's "Midnight Regulations"
McConnell blocked attempts by Democrats to force a vote in that chamber on the higher payments sought by Trump. Both houses of Congress will meet next Wednesday to count the electoral votes and make certify the election.

02 January 2021
India holds COVID vaccine drills ahead of mass inoculation drive
A decision on Bharat Biotech's Covaxin was still awaited at the meeting which is still underway, the Health Ministry said. World Bank has approved $1 billion for India, allowing it to use these funds for any aspect of the vaccine programme.

02 January 2021
14 more infected with new strain, flights to remain suspended
These were the first cases to be reported by the country that has the second highest number of cases after the United States. The variant strain has since been discovered in other places, including in two USA states: Colorado and California.

02 January 2021
Expert panel clears Covishield vaccine's emergency use in India
The Indian government has approved the coronavirus vaccine developed by Oxford University/AstraZeneca for emergency use. As per a report in CNBCTV18, the recommendation comes with certain conditions but it didn't elaborate on them.

02 January 2021
Australia womens vs India three-match ODI cricket series postponed indefinitely
India women's tour of Australia has been postponed to next season, Cricket Australia confirmed on Thursday (December 31). Sources quoted by ANI said Umesh will now look at recovering in time for the England series.

02 January 2021
New Year Gift for Public, Govt. Approves Rs2.31 Hike in Petrol Price
The sources said that the OGRA had proposed a raise of 10.68 rupees and 8.37 rupees per litter respectively for petrol and diesel. A massive increase of Rs16 per kilo was witnessed in the price of liquefied petroleum gas (LPG) with effect from January 1, 2021.

02 January 2021
First case of COVID-19 variant in Florida found in Martin County
Nationwide, almost 20 million people have tested positive for the virus, with more than 345,000 fatalities. California on Wednesday became the second state to confirm a case of the new virus strain.

01 January 2021
When is Norfolk's first meteor shower of 2021?
Of course, only observers on the night side of Earth during the brief peak will have a chance to see that meteor shower. The easiest way to find a shower is to search north for the Big Dipper.

01 January 2021
World Health Organization gives green light to Pfizer/BioNTech vaccine for emergency use
The WHO's review found Pfizer/BioNTech's vaccine met the "must-have" criteria for safety and efficacy benefits outweigh its risks. However, the use of the vaccine still depends on the approval of the National Health Surveillance Agency (Anvisa).

01 January 2021
Trump extends suspension of work visas, green cards
And even with that pace, Mr Biden acknowledged it would still "take months" to have the majority of Americans vaccinated. He also advised President Trump to take the coronavirus vaccine to boost public confidence in the safety of the vaccine.