New York (CNN Business)President Donald Trump signed an executive order banning Americans from investing in Chinese firms that the administration says are owned or controlled by the Chinese military.

The order applies to 31 Chinese companies that it says “enable the development and modernization” of China’s military and “directly threaten” US security.Smartphone maker Huawei and Hikvision, one of the world’s largest manufacturers and suppliers of video surveillance equipment, are among the blacklisted companies. Some of the other companies listed, including China Telecom and China Mobile, trade on the New York Stock Exchange. Trump’s order also bans US investors from owning or trading any securities that originate or are exposed to those firms. This includes pension funds or owning shares in the companies that are banned. Investors will have until November 2021 to divest from any of the companies. The order, set to take effect January 11, comes as trade and technology battles are heating up between the world’s two largest economies. Read MoreThis story is developing.Correction: An earlier version of this story misspelled Hikvision.

Source Link:
https://www.cnn.com/2020/11/12/investing/trump-bans-us-investments-china-military/index.html

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