China on Saturday vowed to take necessary measures to protect Chinese enterprises’ legitimate rights and interests after the New York Stock Exchange (NYSE) moved to delist three Chinese telecom companies as per Trump administration’s order.
“China opposes the US practice of abusing national security to include Chinese enterprises on the list of so-called ‘Communist Chinese military companies’ and will take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises,” China’s Ministry of Commence said in a statement.
The comment came days after the NYSE announced to delist three Chinese telecommunication companies, following an executive order from the White House in November which bars US investors from any investment into Chinese companies that it deems to have ties to the Chinese military.
The NYSE said Thursday that it would halt trading shares of China Mobile, China Unicom and China Telecom (Hong Kong) starting on January 11, the New York Times reported.
“The practice of abusing national security and using state power to crack down on Chinese enterprises is not in line with market rules and logic, which harms not only the legitimate rights of Chinese enterprises, but also the interests of investors in other countries, including the US,” the Chinese Commerce Ministry said in the statement, adding that the US move will seriously undermine confidence in the US capital market.
“We hope that the US and China will work together to create a fair, stable and predictable business environment for enterprises and investors, so as to get bilateral economic and trade relations back on track,” it said.