Active Stocks
Thu May 23 2024 15:59:05
  1. Tata Steel share price
  2. 175.45 1.24%
  1. NTPC share price
  2. 372.30 -0.43%
  1. Power Grid Corporation Of India share price
  2. 319.75 -1.86%
  1. Indusind Bank share price
  2. 1,442.00 2.29%
  1. State Bank Of India share price
  2. 832.35 1.59%
Business News/ Markets / Stock Markets/  New York Stock Exchange starts process to delist 3 Chinese telecom companies
BackBack

New York Stock Exchange starts process to delist 3 Chinese telecom companies

NYSE is delisting securities of China Telecom Corporation Limited , China Mobile Limited and China Unicom (Hong Kong) Limited

The company logo of China Telecom. (FILE PHOTO REUTERS)Premium
The company logo of China Telecom. (FILE PHOTO REUTERS)

The New York Stock Exchange is starting the process of delisting securities of three Chinese telecom companies, China Telecom Corporation Limited , China Mobile Limited and China Unicom (Hong Kong) Limited , it said in a statement on Thursday.

The move comes after President Donald Trump in November unveiled an executive order barring U.S. investments in Chinese companies that Washington says are owned or controlled by the Chinese military, which could impact some of China's biggest companies.

Also Read | Investing during all-time highs can be good strategy

The November executive order sought to give teeth to a 1999 law that mandated that the Department of Defense compile a list of Chinese military companies. The Pentagon, which only complied with the mandate this year, has so far designated 35 companies, including oil company CNOOC Ltd and China’s top chipmaker, Semiconductor Manufacturing International Corp.

Each of the telecoms companies named by the NYSE also has a listing in Hong Kong.

NYSE said that the issuers were no longer suitable for listing as the order prohibits any transactions in securities "designed to provide investment exposure to such securities, of any Communist Chinese military company, by any United States person."

NYSE said that it would suspend trading on either Jan. 7 or Jan. 11. The issuers have a right to a review of the decision.

Ties between Washington and Beijing have grown increasingly antagonistic over the past year as the world's top two economies sparred over Beijing's handling of the coronavirus outbreak, imposition of a national security law in Hong Kong and rising tensions in the South China Sea.

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 01 Jan 2021, 10:52 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started