US Pressure on Chinese Companies Continues

US Pressure on Chinese Companies Continues US pressure on Chinese companies continues. Three Chinese companies on the New York stock exchange are in the process of being removed. The New York Stock Exchange reported that the delisting process of 3 Chinese companies has been initiated. The first attempt to sanction Chinese companies began after US President Donald Trump approved legislation that allowed Chinese companies to be derecognised. The fact that these Chinese companies are found to be affiliated with the Chinese army is cited as a reason for their exclusion from the stock market. In the statement made by the stock exchange, it was noted that the shares of China Mobile Ltd, China Telecom Corp Ltd and China Unicom Hong Kong Ltd will be suspended on January 7-11. It was also stated that the processes of delisting of the companies named were also initiated. According to the information obtained, the three companies, which are also traded on the Hong Kong stock exchange, do not appear to have a serious presence except they are traded in the US stock exchange. It is stated that the companies earn all of their revenues from their operations in China.   Sanctions Started on December 18 US President Donald Trump signed a bill on December 18, 2020 that allows Chinese companies to be excluded from US stock exchanges if they do not comply with auditing standards. The law prevents foreign companies from trading on US stock exchanges if they fail to comply with the US Public Accounting Oversight Authority's audits for 3 consecutive years.