China's Top 3 Telecom Firms Delisted from New York Stock Exchange... Chinese Government Outraged

US Halts Trading of China Mobile, China Unicom, China Telecom Stocks
China Vows Retaliation... Will Protect Interests of Chinese Companies

[Asia Economy Beijing=Special Correspondent Jo Young-shin] The Chinese government has expressed a strong intention to retaliate against the delisting of its three major telecommunications companies from the U.S. stock market. As the Biden administration is about to take office, U.S.-China tensions are expected to reach their peak.

According to China's state-run Xinhua News Agency and Global Times on the 3rd, under the order of the Donald Trump administration, stock trading of China Mobile, China Unicom, and China Telecom, the three major Chinese telecommunications companies, will be suspended on the New York Stock Exchange between January 7 and 11.

This measure follows the Trump administration's executive order issued last November banning American investments in companies linked to the Chinese military.

These companies, supervised by the State-owned Assets Supervision and Administration Commission of China, are the only three authorized to provide telecommunications network services in China.

Among them, the largest, China Mobile, was first listed on the New York Stock Exchange in 1997. It was the first large-scale Chinese state-owned enterprise allowed to trade on the NYSE.

In response to this move by the Trump administration, the Chinese government hinted at retaliation in a strongly worded tone.

In a statement released the previous day, the Chinese Ministry of Commerce said, "China opposes the U.S. abuse of national security by placing Chinese companies on the so-called 'Communist Chinese Military Companies' list," and warned, "China will take necessary measures to firmly protect the legitimate rights and interests of Chinese companies."

The Ministry of Commerce pointed out, "The abuse of national security and the use of state power to sanction Chinese companies harms not only the legitimate rights of Chinese companies but also investors from other countries, including the United States," and added, "Such actions by the U.S. will seriously undermine confidence in the U.S. capital market." It further stated, "We hope China and the U.S. will cooperate to create a fair, stable, and predictable business environment for companies and investors, and restore economic and trade relations between the two countries to a normal track."

This content was produced with the assistance of AI translation services.