The three state-owned companies—China Mobile Ltd., China Telecom Corporation Ltd., and China Unicom (Hong Kong) Ltd.—will see their contracts ejected from trading between Jan. 7 and Jan. 11, according to a statement. The delisting procedures were made in acquiescence with President Donald Trump’s executive order (E.O.) 13959.
Trump announced the order in mid-November, forbidding U.S. investments in Chinese companies chosen by the Pentagon as having ties to the Chinese military, mentioning threats to U.S. national security.
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Earlier this week, the Trump administration increased the investment sanction to “any subsidiary of a Communist Chinese military company.”
The increase was announced by the Treasury Department, which also stated that it planned to publicly list subsidiaries that were “50 percent or more owned” or “determined to be controlled” by Chinese military companies.
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This year, the Pentagon named a total of 35 Chinese companies to have connections to the Chinese military, formally known as the People’s Liberation Army. The selections were made under a requirement under section 1237(b) of the National Defense Authorization Act (NDAA), the annual defense spending bill.
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The three Chinese telecom companies were among the selected 35 companies. Other Chinese companies included telecom giant Huawei, semiconductor chipmaker SMIC, defense contractor AVIC, railcar-maker CRRC, and surveillance camera maker Hikvision.
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NYSE added that the three companies have “a right to a review” of the delisting decision.
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MSCI Inc., FTSE Russell, S&P Dow Jones, and Nasdaq have all announced removing some Chinese companies from their indexes, in compliance with the executive order.
China’s foreign ministry spokesperson Wang Wenbin, in a daily briefing on Dec. 14, charged the Trump administration with an “unjustified crack-down on Chinese companies,” when asked about Nasdaq’s plan to exclude four Chinese companies from its files.
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Wang also blamed the Trump administration for “abusing its state power and national security concept to suppress foreign companies.” On Dec. 16, Sen. Marco Rubio (R-Fla.) welcomed MSCI’s decision to remove seven Chinese firms from its indexes.
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“I was proud to work with the Trump Administration on their Executive Order to prohibit investment in Chinese military firms, and MSCI’s decision to remove these dangerous companies from their indexes is a result of that good work,” Rubio stated according to a statement from his office.
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Rubio cautioned against any modifications to future U.S. policy.
The Senator explained: “If any future Administration were to reverse course, it would be a clear signal that they are putting the interests of the Chinese Communist Party and Wall Street above the interests of American workers and mom and pop investors.”
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