NYSE to delist 3 Chinese telecom companies

The New York Stock Exchange says it will start the process of delisting three major Chinese telecommunications firms to comply with an executive order by President Donald Trump.

The stock exchange announced that shares in China Telecom, China Mobile, and China Unicom will be suspended from trading by January 11.

The order signed by the president in November prohibits American investments in Chinese firms linked to the People's Liberation Army.

China's Commerce Ministry said in a statement on Saturday that the use of state power to suppress Chinese firms does not comply with market rules.

The statement added that it not only harms the legal rights of Chinese companies but also damages the interests of investors in other countries. It said the actions will also greatly weaken all parties' confidence in the US capital market.

It noted that China will take necessary countermeasures to resolutely safeguard the legitimate rights and interests of its companies.