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BEIJING – China said on Saturday it would take necessary countermeasures in response to the New York Stock Exchange’s announcement that it would withdraw three major Chinese telecoms, in the latest surge in tensions between Beijing and Washington.
The exchange said Thursday that it would delist China Telecom Corp. Ltd., China Mobile Ltd. and China Unicom Hong Kong Ltd., with companies scheduled to halt trading between Jan.7 and Jan.11.
The move stems from an executive order issued by President Donald Trump on Nov. 12 banning investments in publicly traded companies that the U.S. government says are owned or controlled by the Chinese military.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| NO | CHINA TELECOM | 27.55 | -0.01 | -0.04% |
| CHL | CHINA MOBILE LTD. | 28.54 | +0.25 | + 0.88% |
| CHU | CHINA UNICOM LTD. | 5.68 | -0.09 | -1.56% |
NYSE LAUNCHES PROCESS TO REMOVE 3 CHINESE TELECOM COMPANIES
“China opposes the Americans so as not to abuse national security by listing Chinese companies on the list of so-called ‘Communist Chinese military companies’ and will take the necessary countermeasures to resolutely protect the rights and legitimate interests of Chinese companies, ”Chinese Commerce spokesperson. Ministry said in a statement.
The actions will also “significantly weaken the confidence of all parties in the US capital market,” the statement said.
The ministry did not give details of what the measures might be.
The exchange said on Thursday that it would delist China Telecom Corp. Ltd., China Mobile Ltd. and China Unicom Hong Kong Ltd., with the companies suspended between January 7 and January 11 (Nicole Pereira / New York Stock Exchange
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Under Trump, the United States has stepped up economic sanctions and travel bans against Chinese companies, government officials and members of the Communist Party, especially recently in Trump’s last few weeks in power.
In December, the United States announced plans to limit the visas of Chinese Communist Party members and their family members to one month instead of 10 years.
Chinese tech giant Huawei has been shut out of the US market and the US has pressured other countries to follow suit, but with mixed results.
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