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Photo: Spencer Platt/Getty Images

The New York Stock Exchange announced late on Thursday that it will delist three Chinese companies to comply with an executive order that imposed restrictions on firms the U.S. identified as being affiliated with the Chinese military.

Why it matters: The announcement, coming late on New Year's Eve when many aren't paying attention, is the latest escalation in tensions between the U.S. and China.

Details: The companies — China Mobile Ltd., China Telecom Corp Ltd., China Unicom Hong Kong Ltd. — will be suspended from trading between Jan. 7 and Jan. 11, and proceedings to delist them have started, the exchange said in a statement.

  • The companies have separate listings in Hong Kong and generate their revenue in China. They have no meaningful presence in the U.S. outside of their listings on the NYSE, according to Bloomberg.

The executive order, signed by President Trump in November, prohibits American companies and individuals from owning shares in any of the 31 Chinese companies previously listed as enabling the People’s Liberation Army, effective Jan. 11.

  • The order said the People’s Liberation Army is a threat to the U.S. and is “increasingly exploiting United States capital” to gain an edge in its military-industrial complex.

Our thought bubble, via Axios' Felix Salmon: China Mobile, currently valued at $117 billion, has been a mainstay of the New York Stock Exchange since its blockbuster IPO in 1997.

  • Its arrival on the Big Board was a major development in the globalization of capital markets. Its ignoble departure is a sign that their deglobalization has truly begun.

Go deeper

Felix Salmon, author of Capital
Jan 14, 2021 - Economy & Business

The complex new landscape of going public

Illustration: Aïda Amer/Axios

The question is no longer whether a company should go public; it's how.

Why it matters: The much-resented traditional IPO, run by Wall Street and largely for Wall Street, now has competition. A lot of it.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: CDC director defends agency's response to pandemic — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Biden readies massive shifts in policy for his first days in office.
  3. Vaccine: Fauci: 100 million doses in 100 days is "absolutely" doable.
  4. Economy: Unemployment filings explode again.
  5. Tech: Kids' screen time sees a big increase.
  6. World: WHO team arrives in China to investigate pandemic origins.
Dave Lawler, author of World
3 hours ago - World

Alexey Navalny detained after landing back in Moscow

Navalny and his wife shortly before he was detained. Photo: Kirill Kudryavtsev/AFP via Getty

Russian opposition leader Alexey Navalny was detained upon his return to Moscow on Sunday, which came five months after he was poisoned with the nerve agent Novichok. He returned despite being warned that he would be arrested.

The latest: Navalny was stopped at a customs checkpoint and led away alone by officers. He appeared to hug his wife goodbye, and his spokesman reports that his lawyer was not allowed to accompany him.

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