The New York Stock Exchange (NYSE) on Thursday announced plans to withdraw three Chinese companies with alleged ties to the Chinese military to comply with one of the following: President Trump
Trump hotel in DC raises room rates for Biden inauguration GOP legislator criticizes Trump, colleagues for ‘trying to discredit’ election. Video shows long queues on the last day of early voting in Georgia.‘s executive orders.
The NYSE announced it started with the removal of China Mobile Ltd., China Telecom Corp Ltd. and China Unicom Hong Kong Ltd., and they will be suspended between January 7 and 11.
The delisting is an executive order in November banning U.S. investments in Chinese-regulated enterprises, which takes effect on January 11.
Several quantitative hedge fund managers, including Renaissance Technologies LLC, Dimensional Fund Advisors MP and Two Sigma Investments MP, had the largest shares in the US listings, Bloomberg News reported.
All three of the Chinese companies that will be removed soon have separate listings in Hong Kong and, according to Bloomberg News, have no significant presence in the US other than their tension, according to Bloomberg News. .
In November, Trump said he signed his executive order because the Chinese government seeks to ‘influence Chinese civilian companies to support its military and intelligence activities’, which he says is an ‘unusual and extraordinary threat’ to the US.
Earlier this year, the Department of Defense released a list of dozens of Chinese companies that it said had ties to the military. The Chinese Foreign Ministry has accused the US of “maliciously slandering” the military-civilian integration policy and, according to Bloomberg News, said they would stand by their companies.
Exchanges such as the NYSE have been chasing Chinese companies for the past decade as they sought to expand their initial public offering.