The New York stock exchange has begun the process of delisting three Chinese telecoms companies as it seeks to comply with an order by 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 Friday.

In November 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.

It was one of a series of executive orders and regulatory actions that have targeted China's economic and military expansion in recent months.

Trump's order prohibits US companies and individuals from owning shares in any of the 31 companies, which also include video surveillance firm Hikvision and China Railway Construction Corp.

National Security Advisor Robert O'Brien said at the time that the order would prevent Americans from unknowingly providing passive capital to Chinese companies -- listed on exchanges around the world -- that support the improvement of Beijing's army and spy agencies.

Under his "America First" banner, Trump has portrayed China as the greatest threat to the United States and global democracy, pursued a trade war with it, harangued Chinese tech firms, and laid all the blame for the coronavirus pandemic at Beijing's door.

Other index providers including MSCI Inc, S&P Dow Jones Indices and Nasdaq have deleted various Chinese firms from their listings.

axn/leg

CHINA MOBILE

MSCI

Related Links
Global Trade News

Tweet

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only

Europe and China end pandemic-hit year with investment deal
Beijing (AFP) Dec 30, 2020
The European Union and China on Wednesday approved "in principle" a major investment deal after seven years of painstaking negotiations. The pact is seen as a boost for investment flows for both sides in a pandemic-hit global economy and a key political win for China ahead of US president-elect Joe Biden's arrival in the White House. - What is it? - The agreement aims to open China's market and eliminate discriminatory laws and practices preventing European companies from competing on an equ ... read more