New York Stock Exchange to remove three Chinese companies with alleged ties to Chinese military

New York Stock Exchange to remove three Chinese companies with alleged ties to Chinese military

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The New York Stock Exchange (NYSE) on Thursday announced plans to remove from the list three Chinese companies with alleged ties to the Chinese military to fulfill one of the President TrumpDonald Trump Trump hotel in DC raises room rates for the inauguration of Biden Republican Party Legislator criticizes Trump and colleagues for ‘trying to discredit’ the election Video shows long lines on the last day of early voting in Georgia MOREexecutive orders of.

O NYSE announced it has initiated the removal process from China Mobile Ltd., China Telecom Corp Ltd. and China Unicom Hong Kong Ltd., and negotiations will be suspended between January 7 and 11.

The removals come as a November executive order that bans US investments in Chinese companies regulated by the military and is set to go into effect on 11 January.

Several quantitative hedge fund managers, including Renaissance Technologies LLC, Dimensional Fund Advisors LP and Two Sigma Investments LP, had the largest shares in the United States quotes, Bloomberg News reported.

All three Chinese companies that will soon be removed from the list have separate listings in Hong Kong and have no significant presence in the U.S. outside of their listings, according to Bloomberg News, which noted that the change was more symbolic amid the tension between the countries .

In November, Trump said that signed his executive order because the Chinese government seeks to influence “Chinese civilian companies to support their military and intelligence activities”, which, he said, represents an “unusual and extraordinary threat” to the United States

Earlier this year, the Department of Defense released a list of dozens of Chinese companies it said had links to the military. China’s Foreign Ministry accused the United States of “cruelly slandering” civil-military integration policies and said it would support its companies, according to Bloomberg News.

Exchanges like the NYSE had already sought out Chinese companies in the past decade, while they were trying to extend their initial public offering businesses.

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