The dragon has suffered a major setback amid this tension between the US and China. Three major telecom companies in China will be excluded from the US stock market, ie these companies will be delisted.
Exit companies include China Mobile Limited, China Telecom Corporation, China Unicom Hong Kong Limited, according to the New York Stock Exchange. Relations of these companies have been found with the Chinese Army. According to the New York Stock Exchange, trading of shares of these companies will be suspended from January 7 to 11. Also, these companies will start delisting.
At the same time, China has now warned of retaliation by the New York Stock Exchange (NYSE) announcement of the removal of three major telecom companies of China from the exchange. This may further exacerbate tensions between the US and China. A spokesman for China’s Commerce Department said that this would undermine all parties’ confidence in the US capital market.
America and China cause stress
The tension between the US and China is now beginning to affect the US stock market. However, delisting will not affect these companies much. Because all these companies are listed separately in the stock market of Hong Kong. But the removal of these three companies from the US stock market shows the growing sourness among these countries.
Trump tough on Chinese companies
Donald Trump was already eyeing by Chinese companies. He repeatedly targeted Chinese companies, in November, US President Donald Trump issued an executive order banning security transactions and equipment purchases with the Chinese military. After this, China also took action on American companies here.