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Sunday, June 13, 2021

U.S. postpones ban on trading Chinese stocks with alleged military ties

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BEIJING — The U.S. Treasury mentioned Tuesday it was suspending a ban on buying and selling shares of firms with alleged hyperlinks to the Chinese language navy.

The brand new restrictions take impact June 11, versus the prior date of Could 27.

The transfer by U.S. President Joe Biden’s administration extends a grace interval for buyers to adjust to an investment ban first announced in November under former President Donald Trump. Solely a handful of the names, largely state-owned firms, are traded within the U.S.

Earlier this month, the U.S. agreed to remove Hong Kong-listed Chinese smartphone maker Xiaomi from the blacklist.

However one other firm on the record, telecommunications large China Mobile, mentioned earlier this month it anticipated to delist from the New York Inventory Trade. The corporate subsequently mentioned on Monday it will difficulty yuan-denominated shares on the Shanghai inventory trade.

Chinese language firms have rushed to go public within the U.S. within the final 18 months regardless of the political overhang. In late April, a consultant from the New York Inventory Trade mentioned about 60 Chinese companies plan to list in the U.S. this year.

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