NEW YORK (AP) – Three Chinese companies will be kicked from the New York Stock Exchange this month under an executive order signed in November by President Donald Trump.
The stock exchange indicates that China Telecom Corp. Limited, China Mobile Limited and China Unicom Hong Kong Limited will be delisted from the stock exchange. Trump issued an order on Nov. 12 banning investments in publicly traded companies that the U.S. government says are owned or controlled by the Chinese military.
The press release released Thursday evening said the stock market will suspend trading in companies from January 7 or until January 11. He indicates that issuers of shares can appeal to a committee of the NYSE board of directors.
The Chinese government accused Washington of abusing national security as an excuse to hamper competition and warned that Trump’s order would harm the United States and other investors around the world.
Political analysts expect little policy change under President-elect Joe Biden amid widespread frustration with China’s trade and human rights and accusations of espionage and theft of technology.
U.S. officials have complained that the ruling Communist Party in China is using access to U.S. technology and investment to expand its military, already one of the largest and most heavily armed in the world.