China takes action after NYSE delist three Chinese telecom firms
The Chinese Ministry of Commerce said Saturday that it would take “necessary measures” to protect its enterprises’ interests, after the New York Stock Exchange (NYSE) announced Thursday that it had begun proceedings to delist three Chinese telecom firms.
The NYSE’s announcement comes in response to US President Donald Trump’s recent executive orderprohibiting any transaction in “publicly traded securities, or any securities that are derivative of, or are designed to provide investment exposure to such securities, of any Communist Chinese military company.”
The NYSE has determined to delist China Mobile, China Telecommunications and China Unicom Hong Kong.
A spokesperson for the Chinese Ministry of Commerce stated, “China opposes the US practice of abusing national security to include Chinese enterprises on the list of so-called ‘Communist Chinese military companies’ and will take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises.”
The ministry also expressed its hope that “the US and China will work together to create a fair, stable and predictable business environment for enterprises and investors, so as to get bilateral economic and trade relations back on track.”