Jan. 1 (UPI) -- The New York Stock Exchange has started the process of delisting three Chinese communications companies following an executive order from the Trump administration that prevents U.S. residents from investing in companies tied to China's military.
The exchange will stop trading shares of China Mobile, China Unicom and China Telecom by Jan. 11, a statement late Thursday said. The Defense Department has said that all three have strong ties with the communist country's military and security forces.
"The issuers have a right to a review of this determination by a Committee of the Board of Directors of the Exchange," the exchange said in a statement.
It added: "The NYSE will apply to the Securities and Exchange Commission to delist the issuers and securities upon completion of all applicable procedures, including any appeal of the NYSE regulation staff's decision."
In November, Trump signed an executive order barring U.S. residents from investing in a collection of Chinese companies because of their military ties.
"The People's Republic of China is increasingly exploiting United States capital to resource and to enable the development and modernization of its military, intelligence, and other security apparatuses," the president said in the order.
The Federal Communications Commission barred China Mobile from operating in the United States, and then in December demanded its carriers to remove equipment made by Huawei Technologies.