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NY stock exchange delists Chinese telecoms firms

The New York stock exchange on January 1 began the process of delisting three Chinese telecoms...

👤 H K Badal2 Jan 2021 10:37 AM GMT
NY stock exchange delists Chinese telecoms firms

 New York Stock Exchange

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The New York stock exchange on January 1 began the process of delisting three Chinese telecoms companies, complying with an order from the Trump administration barring investment in firms with ties to the Chinese military.

It comes as relations between the world's two biggest economies spiral downwards over sore points ranging from trade and the coronavirus to Hong Kong and Xinjiang.

Trading in China Mobile Communications, China Telecommunications Corp and China Unicom (Hong Kong) Limited will end within the next week, subject to transactions being settled, the exchange said in a statement on Jan 1.

In November last year President Donald Trump signed an executive order banning Americans from investing in Chinese companies deemed to be supplying or supporting Beijing's military and security apparatus, earning a sharp rebuke from China.

The order listed 31 companies it said China was using for the "increasing exploitation" of US investment capital to fund military and intelligence services, including the development and deployment of weapons of mass destruction.