Stock Exchange to Delist Chinese Firms to Comply With Executive Order

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The New York Stock Exchange (NYSE) announced on Thursday that it will delist three Chinese firms to comply with an executive order issued by President Trump in November. The order banned US investment in Chinese companies that the US government claims are connected to China’s military.

According to a statement released by the NYSE, China Mobile Ltd., China Telecom Corp Ltd., China Unicom Hong Kong Ltd., will be suspended from trading between January 7th and 11th, and proceedings to fully delist the firms have begun. President Trump’s order becomes effective on the 11th.

According to Bloomberg, the three companies are separately listed in Hong Kong and generate their revenue in China, and the firms were “thinly” traded in the US. But the delisting still cuts off a significant source of capital for the firms, who have been on the NYSE for years. China Mobile launched its initial public offering in 1997.

Under Trump’s order, American investors have until November 2021 to divest from Chinese firms the US claims have military ties. The list of Chinese companies with alleged military ties continues to expand, as President Trump is ramping up its anti-China policies in his administration’s final days.

Reprinted with permission from Antiwar.com.

Read the original article.

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