Outgoing U.S. President Donald Trump has toughened his stance towards Beijing in the final months of his presidency with a slew of measures targeting Chinese companies.
NYSE reverts to original plan to delist Chinese telecoms firm
The New York Stock Exchange has announced it will move forward with plans to delist three Chinese telecoms giants just days after u-turning.
The exchange will remove US-traded shares of China Telecom, China Mobile and China Unicom “to comply with US law,” it said on Wednesday.
The NYSE originally announced its delisting plans last week following an executive order signed by US President Donald Trump blocking American investment in firms deemed to be owned or controlled by the Chinese military.
MSCI, FTSE Russell, Nasdaq and S&P Global also released lists of Chinese companies that would be dropped from their indices.
Tuesday, January 5, 2021
President Trump issued an Executive Order (the “Order”) on November 12, 2020 prohibiting “U.S. persons” from trading in securities, both in the U.S. and abroad, that finance Communist Chinese military companies (generally defined as companies owned or controlled by Chinese military or government services and supporting military services, manufacturing or production). There were about 30 companies initially identified by the U.S. government, but the list is fluid and is likely to expand over time. “U.S. person” is broadly defined as “any United Citizen, permanent resident alien, entity organized under the laws of the United States or any jurisdiction within the United States (including foreign branches), or any person in the United States.” Thus, the Order impacts both RIAs and individual investors.
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