Beijing-Sana
The Chinese Ministry of Commerce confirmed today that it will take necessary measures to protect the legitimate rights and interests of Chinese companies, after the New York Stock Exchange started canceling the listing of three Chinese telecommunications companies from its list, claiming that they have military ties.
"This form of abuse of national security and state power to suppress Chinese companies does not comply with market rules and violates the logic in which it operates," Xinhua news agency quoted a ministry spokesman as saying, adding that this not only harms the legitimate rights of Chinese companies, but also harms the interests of investors in countries. Others, including the United States, will weaken the confidence of all parties in the US capital market.
In turn, the New York Stock Exchange announced last Thursday that it will cancel the listing of the securities of (China Telecom) and (China Mobile) in addition to (China Unicom) within the next week in order to comply with an order from the administration of the outgoing President Donald Trump prohibiting investment in companies that have relations with Chinese army.
The US Commerce Department blacklisted dozens of Chinese companies at the end of last year, claiming that they were exploiting civilian technology resources for military purposes.