NEW YORK (AP) – Three Chinese companies will launch off the New York Stock Exchange this month under an executive order signed by President Donald Trump in November.
The exchange says that China Telecom Corp. Limited, China Mobile Limited and China Unicom Hong Kong Limited will be delisted from the exchange. Trump issued a warrant on Nov. 12 banning investment in publicly traded companies that the U.S. government claims are owned or controlled by the Chinese military.
The statement released late Thursday says the stock market will suspend trading of the companies as early as January 7 or as late as January 11. It says that the issuers of shares can appeal to a committee of the board of the NYSE.
The Chinese government has accused Washington of misusing national security as an excuse to stunt competition and has warned that Trump’s order would harm the US 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 stories and allegations of espionage and technology theft.
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.