NEW YORK (AP) – Three Chinese companies will be pulled from the New York Stock Exchange this month under an executive order signed in November by President Donald Trump.
The exchange says China Telecom Corp. Limited, China Mobile Limited and China Unicom Hong Kong Limited will be withdrawn from the exchange. Trump issued an order on November 12 banning investments in publicly traded companies that, according to the U.S. government, are owned or controlled by the Chinese military.
The statement released on Thursday says that the stock exchange will suspend business negotiations as early as January 7 or until January 11. It says that stock issuers can appeal to a NYSE board committee.
The Chinese government accused Washington of misusing national security as an excuse to prevent competition and warned that Trump’s order would harm the U.S. and other investors around the world.
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 accusations of espionage and technology theft.
American officials have complained that the Communist Party of China is taking advantage of access to American technology and investments to expand its armed forces, which are already one of the largest and most heavily armed in the world.