US Stock Exchange Chinese Companies

FILE - In this Sept. 5, 2020, file photo, the logo for Chinese telecommunications firm China Telecom is seen on a booth at the China International Fair for Trade in Services (CIFTIS) in Beijing. The New York Stock Exchange says it no longer plans to remove shares of three Chinese state-owned phone carriers under an order by President Donald Trump. (AP Photo/Mark Schiefelbein, File)

BEIJING — The New York Stock Exchange has withdrawn plans to delist shares of three Chinese state-owned phone carriers. The shares were to be removed under an order from President Donald Trump, a move Beijing had warned might lead to retaliation.

The exchange cited “further consultation” with regulators but its announcement late Monday gave no other details.

China’s foreign ministry on Tuesday criticized Washington for “suppressing foreign companies” but made no direct comment on the NYSE announcement.

The NYSE said Thursday it would remove China Telecom Corp. Ltd., China Mobile Ltd. and China Unicom Hong Kong Ltd. under Trump’s November order barring Americans from investing in securities issued by companies deemed to be linked to the Chinese military.

The order added to mounting U.S.-Chinese tension over technology, security and spying accusations.

The Trump administration has imposed export controls and other sanctions on some Chinese companies, visa curbs on members of the ruling Communist Party and other restrictions.

“The suppression will have very limited impact on Chinese companies, but it will damage the national interest and image of the United States,” said a foreign ministry spokeswoman, Han Chunying. She expressed hope Washington will “do more to maintain the order of the global financial market” and protect investors.

Political analysts expect little change in policy under President-elect Joseph Biden, who takes office Jan. 20, due to widespread frustration with China’s trade and human rights records and accusations of spying and technology theft.

Trump’s November order bars Americans from investing in securities issued by companies deemed by the Defense Department to be part of efforts to modernize the Communist Party’s military wing, the People’s Liberation Army.

The 2 million-member PLA is one of the biggest and most heavily-armed militaries.

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