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Thursday, April 22, 2021

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

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

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

Mr Trump issued an order on November 12 barring investment in publicly traded companies that the US government says are owned or controlled by the Chinese military.

The statement issued late on Thursday says the exchange will suspend trading of the companies as early as January 7 or as late as January 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 Mr Trump’s order would hurt US and other investors worldwide.

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

US officials have complained that China’s ruling Communist Party takes advantage of access to American technology and investment to expand its military, already one of the world’s biggest and most heavily armed.

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