China passed new rules over the weekend to push back at President Trump’s sanctions after he signed an executive order to delist three Chinese communications companies from the New York Stock Exchange, according to a report on Monday.
Trump’s executive order from November bars American investments in companies that have suspected ties to the Chinese military, intelligence and security services.
The NYSE said it will delist the three companies – China Mobile, China Telecom and China Unicom Hong Kong – at 4 p.m. Monday.
China’s Ministry of Commerce said in a statement on Saturday that the regulations will counteract the “unjustified extra-territorial application” of foreign laws, BBC News reported.
Goldman Sachs, JPMorgan and Morgan Stanley began moving Sunday evening to delist 500 products linked to the telecom companies, Reuters reported, citing filings to the Stock Exchange of Hong Kong.
The investment banks referred to information released by the US Office of Foreign Assets and Control that the trio of