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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

Jan 26, 2021 - World

Former Google CEO and others call for U.S.-China tech "bifurcation"

Illustration: Aïda Amer/Axios

A new set of proposals by a group of influential D.C. insiders and tech industry practitioners calling for a degree of "bifurcation" in the U.S. and Chinese tech sectors is circulating in the Biden administration. Axios has obtained a copy.

Why it matters: The idea of "decoupling" certain sectors of the U.S. and Chinese economies felt radical three years ago, when Trump's trade war brought the term into common parlance. But now the strategy has growing bipartisan and even industry support.

Momentum builds to ban lawmakers from trading stocks

Illustration: Sarah Grillo/Axios

Some progressive Democrats and MAGA Republicans are uniting on a proposal to ban sitting lawmakers from trading individual stocks, although it's unlikely that leadership will bring the bill up for a vote.

Why it matters: Members of Congress have great power to move stock prices, and great financial incentives to do so.

Thousands without power as "hazardous" winter storm lashes East Coast

Satellite imagery of the Northeastern U.S. taken by NOAA on Jan. 17. Photo: NOAA

A major winter storm was lashing much of the East Coast on Sunday, causing widespread power outages and disrupting travel over the holiday weekend.

The latest: The Weather Prediction Center said in a storm summary Monday that winter storm warnings are still in effect for portions of the Central Appalachians, Ohio Valley, interior Mid-Atlantic, and Northeast, while portions of the Central Appalachians and coastal New England are under high wind warnings.

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