Trump bolsters November ban on US investments in certain Chinese companies

REUTERS/Carlos Barria

President Donald Trump has signed an order strengthening a November ban on U.S. investments in alleged Chinese military companies, the White House said on Wednesday, curbing Chinese access to U.S. capital markets days before he leaves office.

Under the amended directive, by Nov. 11, 2021, U.S. investors will be required to have completely divested their holdings of securities of companies designated by the Defense Department as owned or controlled by the Chinese military.

The change expands the scope of the initial November executive order, which initially only restricted U.S. investors from buying those securities by that date. Reuters had previously reported that the change was under consideration.

“Today’s executive order ensures that the United States retains a key tool to protect U.S. investors from funding Chinese military modernization,” a senior administration official told Reuters.

The executive order is part of Trump‘s bid to cement his tough-on-China legacy in the waning days of his Presidency. It also sought to give teeth to a 1999 law that tasked the Defense Department with drafting a list of Chinese companies it believes are owned or controlled by the Chinese military.

Among the 35 companies that the DOD has blacklisted so far are China’s top chipmaker SMIC and oil giant CNOOC. But Reuters and other outlets reported earlier on Wednesday the administration had scrapped plans to blacklist tech giants Alibaba, Baidu, and Tencent.

The Chinese Embassy in Washington did not immediately respond to a request for comment.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.