The New York Stock Exchange has continued its aggressive policy towards Chinese companies by removing from trading the third-largest oil company in China and the largest oil producer for the country outside its territory.
CNN reported that the exchange announced on Friday that it would delist "CNOOC," the third-largest oil company in China, effective March 9. This marks the latest victim of the multi-faceted tensions between Washington and Beijing, as the major Chinese oil company has traded on the New York Stock Exchange for decades. The exchange stated that it aims to comply with an order signed by former President Donald Trump in November, which prohibits Americans from investing in companies that the U.S. government suspects are either owned by or controlled by the Chinese military. This is the fourth Chinese company to face such penalties, following the exchange's decision in January to end trading for "China Mobile," "China Telecom," and "China Unicom" in compliance with Trump’s order, which has been halted since then.
In its own statement on Sunday, CNOOC expressed its "regret" over the New York Stock Exchange's decision and warned that delisting could affect stock prices and volumes, adding it would closely monitor any developments. Notably, the stock of the company dropped by 1.1% on Monday in the Hong Kong stock market, while CNOOC has been trading in New York since 2001. This is not the first time the company has been targeted by Washington. Days before Trump left office in January, the U.S. Department of Commerce added it to the list of companies restricted from U.S. supplies and technology. At that time, former Commerce Secretary Wilbur Ross described the company as a "partner" of the Chinese military. Beijing has repeatedly criticized such restrictions, describing them as an abuse of power by the United States.
