Tuesday, January 26, 2021

NYSE Begins to Delist Chinese Telecom Giants in Compliance With Trump’s Order

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The New York Stock Exchange (NYSE) announced on Dec. 31 that it is in the process of delisting three Chinese telecom companies with ties to the Chinese military. The three state-owned companies—China Mobile Ltd., China Telecom Corporation Ltd., and China Unicom (Hong Kong) Ltd.—will see their securities suspended from trading between Jan. 7 and Jan. 11, according to a statement. The delisting proceedings were made in compliance with President Donald Trump’s executive order (E.O.) 13959. Trump issued the order (pdf) in mid-November, banning U.S. investments in Chinese companies designated by the Pentagon as having ties to the Chinese military, citing threats to U.S. national security. Earlier this week, the Trump administration extended the investment ban to “any subsidiary of a Communist Chinese military company.” The extension was announced by the Treasury Department, which also stated that it planned to publicly list subsidiaries that were “50 percent or more owned” or …

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