China says it will take action against U.S. delisting of its telcos

FILE PHOTO: 5G active antenna units with logos of China Mobile and Huawei are seen in front of a National People’s Congress (NPC) conference center in Luoyang, Henan province, China February 27, 2019. Picture taken February 27, 2019. REUTERS/Stringer

SHANGHAI (Reuters) – China will take “necessary measures” to safeguard the interests of its companies after the New York Stock Exchange began delisting three Chinese telecom firms accused of having military ties, the country’s commerce ministry said on Saturday.

The NYSE said on Thursday that it would begin delisting China Mobile, China Unicom and China Telecom in response to a decision by President Donald Trump to bar U.S. investment in firms owned or controlled by the Chinese military.

The Chinese Ministry of Commerce said in a statement that the delisting was an abuse of national security and inconsistent with market rules.

Source: Read Full Article