New York Stock Exchange Plans To Remove 3 Chinese Phone Carriers From List

The New York Stock Exchange (NYSE) has withdrawn plans to remove shares in three Chinese state-owned phone carriers under an order from US President Donald Trump, warning Beijing that it could retaliate. The exchange cited “further consultations” with regulators, but its announcement late Monday did not provide further details.

On Tuesday, China’s foreign ministry criticized Washington for “suppressing foreign companies” but did not comment directly on the NYSE announcement.The NYSE said Thursday it would remove China Telecom Corporate Limited, China Mobile Limited and China Unicom Hong Kong Limited, allowing Americans to invest in securities issued by companies believed to be linked to the Chinese military. Will be stopped.

The order raises US-Chinese tensions over technology, security and espionage allegations.The Trump administration has imposed export controls and other restrictions on some Chinese companies, including visa bans on members of the ruling Communist Party and other restrictions.

“This pressure will have a very limited effect on Chinese companies, but it will damage the national interest and image of the United States,” said Foreign Ministry spokesman Han Chunying. Market “and protect investors.

Political analysts expect little change in policy under President-elect Joseph Biden on January 20, amid widespread frustration with China’s trade and human rights records and allegations of espionage and technology theft.

Trump’s November order barred Americans from investing in securities issued by companies considered by the Department of Defense as part of efforts to modernize the military wing of the Communist Party, the People’s Liberation Army (PLA). has been given.The PLA, with 2 million members, is the largest and most armed militant militia. It is spending heavily on nuclear submarines, stealth fighters, ballistic missiles and other advanced weapons.

The Pentagon has added 35 companies to its blacklist. In addition to the phone carrier, they include telecom giant Huawei, China’s largest processor chips maker, three state-owned oil manufacturers and construction companies, aerospace, rocketry, shipbuilding and nuclear power equipment companies.

Shares of Hong Kong traded up in all three phone carriers on Tuesday. China Telecom recorded an increase of 3.4 per cent, China Mobile 5.7 per cent and China Unicom 8.5 per cent. All three shares have fallen recently.The Chinese government has accused Washington of misusing national security as a pretext to prevent competition, and warned that Trump’s order would hurt American and other investors around the world.Community Verified icon۔

Leave a Reply

Your email address will not be published. Required fields are marked *