China warns of retaliation for NYSE’s delisting of companies

 

China warns of retaliation for NYSE’s delisting of companies

The stock exchange said Thursday that it would delist China Telecom Corp. Ltd., China Mobile Ltd. and China Unicom Hong Kong Ltd., with trading of the companies to be suspended sometime between Jan. 7 and Jan. 11.

The move stems from an executive order President Donald Trump issued on Nov. 12 barring investment in publicly traded companies that the U.S. government says are owned or controlled by the Chinese military.

“China opposes the Americans from abusing national security by listing Chinese companies into the so-called ‘Communist China Military Companies’ list and will take the necessary countermeasures to resolutely safeguard the legitimate rights and interests of Chinese companies,” a spokesperson for the Chinese Commerce Ministry said in a statement.

The actions will also “greatly weaken all parties’ confidence in the US capital market,” the statement said.

The service didn't offer subtleties on what the measures may be. 

Under Trump, the US has ventured up financial endorses and travel boycotts against Chinese organizations, government authorities and Socialist Faction individuals, particularly as of late in Trump's most recent couple of weeks in office. 

In December, the U.S. reported designs to restrict visas for individuals from the Chinese Socialist Coalition and their relatives to one month, rather than 10 years.

 

Chinese tech goliath Huawei has been closed out of the U.S. market and the U.S. has campaigned different nations to stick to this same pattern, but with blended outcomes.