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US President Joe Biden Bans US Investment in 59 Blacklisted Chinese Companies, 1 Year Timeline to Divest
4th June 2021 | Hong Kong
United States President Joe Biden has signed a new executive order imposing a ban on United States (U.S.) investment into 59 blacklisted Chinese companies with ties to China’s military, intelligence, weapons and security research and development, and a 1 year timeline to fully divest from the 59 Chinese companies. The new executive order is a continuation of former United States President Donald Trump, with the list updated on a rolling basis and managed by the the Office of Foreign Assets Control (“OFAC”) of the US Treasury Department.
The 59 blacklisted Chinese companies listed by United States include some of China’s largest companies, including China Mobile, China Telecom, CNOOC and Huawei Technologies.
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“US President Joe Biden Bans US Investment in 59 Chinese Companies, 1 Year Timeline to Divest”
The Office of Foreign Assets Control (“OFAC”) of the US Department of the Treasury administers and enforces economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy or economy of the United States.
The Ban on US Investments into 59 Chinese Companies, Effective 2nd August 2021
The United States ban on investments into the 59 Chinese companies listed by the Office of Foreign Assets Control (OFAC), will take effect on the 2nd of August 2021 at 12:01 a.m (New York time). Investors will have 1 year from the date to fully divest their investments in the 59 Chinese listed companies.
The investment prohibitions will apply to subsidiaries of companies only if they are listed by the Office of Foreign Assets Control (OFAC).
The executive order is titled: “Addressing the threat from securities investments that finance certain companies of the People’s Republic of China.”
The OFAC’s Non-SDN Chinese Military-Industrial Complex Companies List:
SDN ~ Specially Designated Nationals
List of 59 Chinese Companies:
- Aero Engine Corporation Of China
- Aerospace Ch Uav Co., Ltd
- Aerospace Communications Holdings Group Company Limited
- Aerosun Corporation
- Anhui Greatwall Military Industry Company Limited
- Aviation Industry Corporation Of China, Ltd.
- Avic Aviation High-technology Company Limited
- Avic Heavy Machinery Company Limited
- Avic Jonhon Optronic Technology Co., Ltd.
- Avic Shenyang Aircraft Company Limited
- Avic Xi’an Aircraft Industry Group Company Ltd.
- Changsha Jingjia Microelectronics Company Limited
- China Academy Of Launch Vehicle Technology
- China Aerospace Science And Industry Corporation Limited
- China Aerospace Science And Technology Corporation
- China Aerospace Times Electronics Co., Ltd
- China Avionics Systems Company Limited
- China Communications Construction Company Limited
- China Communications Construction Group (Limited)
- China Electronics Corporation
- China Electronics Technology Group Corporation
- China General Nuclear Power Corporation
- China Marine Information Electronics Company Limited
- China Mobile Communications Group Co., Ltd.
- China Mobile Limited
- China National Nuclear Corporation
- China National Offshore Oil Corporation
- China North Industries Group Corporation Limited
- China Nuclear Engineering Corporation Limited
- China Railway Construction Corporation Limited
- China Satellite Communications Co., Ltd.
- China Shipbuilding Industry Company Limited
- China Shipbuilding Industry Group Power Company Limited
- China South Industries Group Corporation
- China Spacesat Co., Ltd.
- China State Shipbuilding Corporation Limited
- China Telecom Corporation Limited
- China Telecommunications Corporation
- China Unicom (Hong Kong) Limited
- China United Network Communications Group Co., Ltd.
- CNOOC Limited
- Costar Group Co., Ltd.
- CSSC Offshore & Marine Engineering (Group) Company Limited
- Fujian Torch Electron Technology Co., Ltd.
- Guizhou Space Appliance Co., Ltd
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Huawei Investment & Holding Co., Ltd.
- Huawei Technologies Co., Ltd.
- Inner Mongolia First Machinery Group Co., Ltd.
- Inspur Group Co., Ltd.
- Jiangxi Hongdu Aviation Industry Co., Ltd.
- Nanjing Panda Electronics Company Limited
- North Navigation Control Technology Co., Ltd.
- Panda Electronics Group Co., Ltd.
- Proven Glory Capital Limited
- Proven Honour Capital Limited
- Semiconductor Manufacturing International Corporation
- Shaanxi Zhongtian Rocket Technology Company Limited
- Zhonghang Electronic Measuring Instruments Company Limited
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