The New York Stock Exchange (NYSE) on Thursday announced plans to withdraw three Chinese companies with alleged links to the Chinese military to meet one of the President Trump
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He Announced NYSE has initiated proceedings to withdraw China Mobile Ltd., China Telecom Corp. Ltd. and China Unicom Hong Kong Ltd., and operations will be suspended from January 7-11.
The layoffs come as a November executive order banning U.S. investments in military-regulated Chinese companies from taking effect on Jan. 11.
Several quantitative hedge fund managers, including Renaissance Technologies LLC, Dimensional Fund Advisors LP, and Two Sigma Investments LP, had the largest holdings in quotations in the United States. Bloomberg News reported.
According to Bloomberg News, the three Chinese companies that will go down will have separate listings in Hong Kong and have no significant presence in the United States outside their lists, according to Bloomberg News, which indicated that the move was more symbolic amid tension between countries. .
In November, Trump said so he signed his executive order because the Chinese government wants to influence “Chinese civilian enterprises to support their military and intelligence activities,” which he said poses a “unusual and extraordinary threat” to the U.S.
Earlier this year, the Department of Defense released a list of dozens of Chinese companies that it said had links to the military. The Chinese Foreign Ministry accused the U.S. of “brutally defaming” civil-military integration policies and said it would stand by its companies, according to Bloomberg News.
Exchanges such as the NYSE had previously pursued Chinese companies over the past decade as they tried to expand their initial public offering businesses.