CNOOC, a Chinese major oil company delisted by New York Stock Exchange

On Friday, The New York Stock Exchange announced CNOOC, China’s third-largest oil company, ousted trade with the United States.

The major Chinese brand was a victim of developing tensions between Washington and Beijing. Shares in the firm will stop trading from March 9.

A citing an order of former President Donald Trump signed in November, which restricts Americans from investing in firms that the US government suspects are either owned or controlled by the Chinese military, the decision was expelled, said the exchange.

It’s the fourth Chinese company after China Mobile, China Telecom, and China Unicom Hong Kong delisted by NYSE.

CNOOC said it regrets the NYSE decision and warns delisting may affect share prices and volumes filling in Hong Kong Stock Exchange. It added that it would “closely monitor” any developments.

CNOOC has traded in New York since 2001. The company’s Hong Kong-listed shares dropped 1.1% on Monday.

Beijing keeps on prompting quips against such restrictions as an abuse of power by the United States. The decision to delist CNOOC suggests that Washington is still willing to pressure Beijing in some areas as President Joe Biden begins his term in office.

It seems Biden wants to stay tough on China. In a conversation with Chinese President Xi Jinping Biden, according to the White House. “underscored his fundamental concerns about Beijing’s coercive and unfair economic practices, a crackdown in Hong Kong, human rights abuses in Xinjiang, and increasingly assertive actions in the region, including toward Taiwan,” according to the White House.