New York Stock Exchange to delist three major Chinese telecom companies.
The New York Stock Exchange has announced that it will begin the process of delisting three major Chinese telecommunications companies in response to an executive order signed by President Trump, and the Chinese government has strongly opposed the move.
According to an announcement by the New York Stock Exchange, the three companies to be delisted are China Telecom, China Mobile, and China Unicom, all major telecom companies in China.
The delisting follows an executive order signed by President Trump last November.
The presidential decree prohibits American investors from investing in Chinese companies that they say have close ties to the People’s Liberation Army of China and other organizations through stock purchases and other means.
Trading in the shares of the three companies will be suspended by the 11th of this month.
In response to this announcement, the Chinese Ministry of Commerce released a spokesperson’s comment on April 2, strongly protesting that ”the suppression of Chinese companies by state power is not in accordance with market rules and will damage not only the rights of Chinese companies but also the interests of investors in other countries, and will shake confidence in the U.S. capital market.
We will take the necessary measures in the future and resolutely protect the legitimate rights of Chinese companies,” he said, indicating that he would not hesitate to take countermeasures.
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