The order seems to provide a path to a 1999 law that mandated the Department of Defense compiles a list of Chinese military companies. The Pentagon only complied with the mandate this year. The agency has so far designated 35 companies, including oil company CNOOC Ltd, and China’s top chipmaker, Semiconductor Manufacturing International Corp. point to be noted that China has condemned the ban. The fund managers have said it could benefit non-US investors able to pick up the stocks. NYSE said it would suspend trading in the stocks on either 7th Jan or 11th Jan. The issuers have a right to a review of the decision. It is noteworthy that each of the telecoms companies named by the NYSE also has a listing in Hong Kong. China Telecom is also under fire from the US Federal Communications Commission.
The FCC earlier said in December that it had started the process of revoking the company’s authorization to operate in the United States. The companies could not be reached for comment on a public holiday in China. It is important that ties between Washington and Beijing have grown increasingly antagonistic over the past year as the world’s top two economies sparred over Beijing’s handling of the coronavirus outbreak, imposition of national security law in Hong Kong, and rising tensions in the South China Sea. It is noteworthy that President Trump signed a law last month to kick Chinese companies off US stock exchanges unless they adhere to American auditing standards.
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