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Stock Exchange Delisting 3 China Companies Under Trump Order

Stock Exchange Delisting 3 China Companies Under Trump Order

Three Chinese companies will be booted off the New York Stock Exchange this month under an executive order signed in November by President Donald Trump.

NEW YORK: Three Chinese companies will be booted off the New York Stock Exchange this month under an executive order signed in November by President Donald Trump.

The exchange says China Telecom Corp. Limited, China Mobile Limited, and China Unicom Hong Kong Limited will be delisted from the exchange. Trump issued an order Nov. 12 barring investment in publicly traded companies that the U.S. government says are owned or controlled by the Chinese military.

The statement issued late Thursday says the exchange will suspend trading of the companies as early as Jan. 7 or as late as Jan. 11. It says the stock issuers can appeal to a committee of the NYSE’s board.

The Chinese government has accused Washington of misusing national security as an excuse to hamper competition and has warned that Trumps order would hurt U.S. and other investors worldwide.

Political analysts expect little change in policy under President-elect Joe Biden due to widespread frustration with Chinas trade and human rights records and accusations of spying and technology theft.

U.S. officials have complained that Chinas ruling Communist Party takes advantage of access to American technology and investment to expand its military, already one of the worlds biggest and most heavily armed.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor


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