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BEIJING — China said Saturday that it would take necessary countermeasures in response to the New York Stock Exchange’s announcement that it would delist three major Chinese telecoms, in the latest flare-up of tensions between Beijing and Washington.
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The stock exchange said Thursday that it would delist China Telecom Corp. Ltd., China Mobile Ltd. and China Unicom Hong Kong Ltd., with trading of the companies to be suspended sometime between Jan. 7 and Jan. 11.
The move stems from an executive order President Donald Trump issued on Nov. 12 barring investment in publicly traded companies that the U.S. government says are owned or controlled by the Chinese military.
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NYSE STARTS PROCESS OF DELISTING 3 CHINESE TELECOM COMPANIES
“China opposes the Americans from abusing national security by listing Chinese companies into the so-called ‘Communist China Military Companies’ list and will take the necessary countermeasures to resolutely safeguard the legitimate rights and interests of Chinese companies,” a spokesperson for the Chinese Commerce Ministry said in a statement.
The actions will also “greatly weaken all parties’ confidence in the U.S. capital market,” the statement said.
The ministry did not offer details on what the measures might be.