NEW YORK (AP) – Three Chinese companies will be kicked off the New York Stock Exchange this month under an executive order signed by President Donald Trump in November.
The exchange says China Telecom Corp Limited, China Mobile Limited and China Unicom Hong Kong Limited will be removed from the exchange. On November 12, Trump issued an order banning investments in publicly traded companies owned or controlled by the Chinese military, according to the US government.
The statement issued late Thursday said the exchange would stop trading in the companies as early as January 7 or as late as January 11.
The Chinese government has accused Washington of abusing national security as an excuse to impede competition and warned that Trump’s mandate would harm Americans and other investors worldwide.
Political analysts expect little change in policy under President-elect Joe Biden, due to widespread frustration with China’s trade and human rights records and allegations of espionage and theft of technology.
US officials have complained that China’s ruling Communist Party is using access to US technology and investment to expand its military, which is already one of the largest and most armed in the world.