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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.