The Trump administration on Thursday unveiled an executive order prohibiting U.S. investments in Chinese companies that Washington says are owned or controlled by the Chinese military, ramping up pressure on Beijing after the U.S. election.
The order, which was first reported by Reuters, could impact some of China's biggest companies, including China Telecom Corp Ltd, China Mobile Ltd and surveillance equipment maker Hikvision.
The move is designed to deter U.S. investment firms, pension funds and others from buying shares of 31 Chinese companies that were designated by the Defense Department as backed by the Chinese military earlier this year.
Starting Jan. 11, the order will prohibit purchases by U.S. investors of the securities of those companies. Transactions made to divest ownership in the companies will be permitted until Nov. 11, 2021.