Biden Blocks 59 Chinese Companies, Including Huawei
President Joe Biden just signed an order amending the ban list for U.S. investment in Chinese companies, listing off 59 firms with ties to China’s military or those in the surveillance industry.
The list includes Huawei, as well as telco companies China Mobile Communications Group Co., China Unicom Ltd. and China Telecommunications Corp. These are China’s three biggest telecommunications companies.
The list also includes Hikvision Digital Technology Co. who make cameras and facial-recognition technology. They hit out at the list, saying: “With no justification for previous lists, the U.S. government keeps finding creative ways to continue targeting Hikvision, simply because we happen to be headquartered in China.”
New companies featured on the list include, via Bloomberg, Zhonghang Electronic Measuring Instruments Co.;Jiangxi Hongdu Aviation Industry Co.; Proven Honour Capital Ltd.; Proven Glory Capital Ltd.; Shaanxi Zhongtian Rocket Technology Co.; Inner Mongolia First Machinery Group Co.; Changsha Jingjia Microelectronics Co.; China Avionics Systems Company Ltd.; China Satellite Communications Co.; Costar Group Co.; Fujian Torch Electron Technology Co.; and Guizhou Space Appliance Co.
The order is a continuation of Trump’s policy, and will take effect on August 2 – with investors given one year to fully divest any interest in these companies. According to Biden’s team, the amendments to the list and the laws surrounding it were to ensure it is legally sound.