President Joe Biden’s administration is keeping former President Donald Trump’s stance on punishing Chinese companies.
The most recent example is CNOOC, whose shares will stop trading March 9.
The New York Stock Exchange will delist CNOOC (CEO), China’s third largest oil company and its largest offshore oil producer, which has traded in New York since 2001.
Trump signed an order in November banning Americans from investing in firms believed by the U.S. government to be owned or controlled by the Chinese military.
The NYSE called CNOOC “no longer suitable for listing.”
This wasn’t a deadline decision, either, as the NYSE action comes months before the ban was set to officially be implemented.
The Biden administration had pushed the deadline back from January to May 27, saying it was reviewing the state of Trump’s moves against China.
In December, CNOOC ended up on the Pentagon’s blacklist, which prohibits investment into what it deems “communist Chinese military companies.”
This becomes the fourth Chinese company to affected, following NYSE decisions to cease trading shares in China Mobile, China Telecom and China Unicom.
CNOOC, which has traded on Wall Street since 2001, said Sunday it “regrets” the decision and plans to “closely monitor” any developments.
In January, the Commerce Department added CNOOC to a list that effectively cut it off from American supplies and technology, with former Commerce Secretary Wilbur Ross calling it a “bully” for China’s military.
After Biden was inaugurated, during a call with Chinese President Xi Jinping, Biden “underscored his fundamental concerns about Beijing’s coercive and unfair economic practices, crackdown in Hong Kong, human rights abuses in Xinjiang, and increasingly assertive actions in the region, including toward Taiwan,” according to the White House.
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