WEB DESK
China has said that it would take necessary countermeasures after the New York Stock Exchange (NYSE) began delisting securities of three Chinese telecommunications companies.
The NYSE announced earlier this week that it would halt the trading in shares of China Mobile Ltd., China Unicom Hong Kong Ltd. and China Telecom Corp Ltd. by January 11.
The stock exchange said it took the decision because of an executive order from US President Donald Trump that barred Americans from investing in firms with ties to the Chinese military.
The move has furtherstrained ties between Washington and Beijing, who have butted heads over trade and the coronavirus pandemic during Trump’s time in the White House.
The New York Stock Exchange has begun delisting three Chinese telecom companies after an executive order from US President Donald Trump in October.
A Chinese Commerce Ministry spokesperson said in a statement that the NYSE delisting will “greatly weaken all parties’ confidence in the US capital market.”
The ministry said the decision to delist the three telecom firms was an abuse of national security and inconsistent with market rules.
China “will take the necessary countermeasures to resolutely safeguard the legitimate rights and interests of Chinese companies,” the ministry spokesperson said, without naming specifics.