China on Saturday vowed to take “necessary measures” in order to protect its companies following the New York Stock Exchange (NYSE) delisting three Chinese telecom firms for alleged ties to the country’s military.
NYSE announced on Thursday that it began the process to delist China Mobile Ltd., China Telecom Corp Ltd. and China Unicom Hong Kong Ltd., suspending them from trading between Jan. 7 and 11. The move came after President Trump issued an executive order in November prohibiting U.S. investments in Chinese firms regulated by the military, which will go into effect on Jan. 11.
“This kind of abuse of national security and state power to suppress Chinese firms does not comply with market rules and violates market logic,” the Chinese Ministry of Commerce said, according to Reuters.
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China to take "necessary measures" after US delists three companies from stock exchange https://t.co/x203ZaHhGs pic.twitter.com/4R7AP7L2mO
— The Hill (@thehill) January 2, 2021
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