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SHANGHAI: China will take “necessary measures” to safeguard the interests of its companies after the New York Stock Exchange began delisting three Chinese telecommunications companies accused of having military ties, it said on Saturday (2 May January) the country’s Ministry of Commerce.
The NYSE said Thursday that it would begin excluding China Mobile, China Unicom and China Telecom in response to President Donald Trump’s decision to ban US investment in companies owned or controlled by the Chinese military.
Trading of the companies will be suspended sometime between January 7 and 11.
READ: New York Stock Exchange Removes Chinese Telecom Companies from List
China’s Commerce Ministry said in a statement that the delisting was an abuse of national security and inconsistent with market rules.
“China opposes Americans abusing national security by listing Chinese companies in the so-called ‘Communist Military Companies of China’ list and will take necessary countermeasures to resolutely safeguard the legitimate rights and interests of Chinese companies” a spokesman said.
The actions will also “greatly undermine the confidence of all parties in the US capital market.”
The ministry did not offer details on what the measures might be.
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Under Trump, the United States has stepped up economic sanctions and travel bans against Chinese companies, government officials and members of the Communist Party, especially recently in Trump’s final weeks in office.
In December, the United States announced plans to limit visas for members of the Chinese Communist Party and their families to one month, instead of 10 years.
Chinese tech giant Huawei has been shut out of the US market and the United States has pressured other countries to follow suit, albeit with mixed results.
