New York, USA (CU)_ Three telecom companies, including China Mobile, China Telecom and China Unicom Hong Kong, with alleged ties to the Chinese military are expected to be delisted from Wall Street in the coming days, as per a decision made by the US government.
Moreover, it has been noted that the state-owned companies gain their revenues in China, and do not have a significant presence in the US.
The companies’ shares will be frozen between the 7th and 11th, pending delisting, striking a yet a further intensification of US-China relations, particularly in terms of geo-politics and trade.
The decision follows President Donald Trump’s order to bar Chinese investments by state-owned or military controlled companies in the US, in November last year. It further prevents US investors from trading shares with Chinese companies flagged by Pentagon, this has come to include TikTok, Huawei and Tencent.
China has since launched is own salvo of sanctions to counter those imposed by the US. There are reportedly about 200 Chinese companies listed in the US with a market value of over USD 2.2 trillion, however, since relations between the two countries began to worsen, many companies have been choosing to list themselves in China and Hong Kong.
