By Alexandra Alper and Humeyra Pamuk
The Trump administration on Thursday added China’s top chipmaker, SMIC, and oil giant CNOOC, to a blacklist of alleged Chinese military companies, drawing condemnation from Beijing as President-elect Joe Biden prepares to take office.
The Department of Defense designated a total of four additional companies as owned or controlled by the Chinese military, including China Construction Technology Co Ltd and China International Engineering Consulting Corp.
India’s telecom sector, in the efforts of enabling policies including more quantum of the spectrum, is set to establish new benchmarks in the next-generation network deployments and service delivery.
The move, first reported by Reuters on Sunday, takes to 35 the total number of blacklisted companies. While the list did not initially trigger any penalties, a recent executive order by Republican President Donald Trump will prevent US investors from buying the firms’ securities from late next year.
In Beijing, a foreign ministry spokeswoman said China opposed US efforts to suppress its companies, adding that Washington’s moves run counter to principles of market competition.
The US should stop abusing national power and national security concepts to suppress foreign companies,” Hua Chunying told a regular news briefing on Friday.
In a stock market statement, SMIC said it strongly opposed the decision, which reflected a fundamental misunderstanding by the US administration of the end-uses of its business and technology.
The company also said there was no major impact from its addition to the list. Its Hong Kong shares closed Friday down 5.4 per cent after having resumed trading in the afternoon following a suspension.
CNOOC Ltd, the listed arm of China National Offshore Oil Corp (CNOOC), said in an exchange filing that it is assessing the impact of the situation on the group and will closely monitor relevant follow-up developments.
