Joe Biden bans US investment in 59 Chinese companies; here's the list of blacklisted firms

US President Joe Biden expanded a prohibition on Americans investing in Chinese companies with alleged military ties, adding more companies to a blacklist that has enraged Beijing and alarmed investors. According to reports, the new investment prohibition will go into force on August 2 at 12:01 a.m. in New York. Investors will have one year to complete their divestment. An executive order issued by Biden on Thursday, June 2, takes the total number of Chinese enterprises barred from receiving American investment to 59.

Joe Biden bans Chinese companies

Biden's directive is mainly a continuation of a policy enacted by former President Donald Trump, which was challenged in court and left investors perplexed about the scope of its application to subsidiaries of prohibited businesses. Wall Street and Capitol Hill have been watching Biden's reaction to Trump's directive, as lawmakers from both parties have urged for a tough approach against China on topics ranging from trade to human rights.

59 Chinese companies banned

As per the report, the nation's main telecommunications- China Mobile Communications Group Co, China Unicom Ltd, and China Telecommunications Corp, as well as top chipmaker Semiconductor Manufacturing International Corp and leading server maker Inspur, were already on the Trump administration's list.  Aviation Industry Corp of China, Ltd, one of the most well-known of China's military giants; China North Industries Group Corp; China Aerospace Science and Industry Corporation Ltd; and China Shipbuilding Industry Co. are among the defence corporations on Biden's list.

List of blacklisted Chinese companies

1. Aero Engine Corporation of China
2. Aerospace CH UAV Co., Ltd
3. Aerospace Communications Holdings Group Company Limited
4. Aerosun Corporation
5. Anhui Greatwall Military Industry Company Limited
6. Aviation Industry Corporation of China, Ltd
7. AVIC Aviation High-Technology Company Limited
8. AVIC Heavy Machinery Company Limited
9. AVIC Jonhon Optronic Technology Co., Ltd
10. AVIC Shenyang Aircraft Company Limited
11. AVIC Xi'An Aircraft Industry Group Company Ltd
12. Changsha Jingjia Microelectronics Company Limited China Academy of Launch Vehicle Technology
13. China Aerospace Science and Industry Corporation Limited
14. China Aerospace Science and Technology Corporation
15. China Aerospace Times Electronics Co., Ltd
16. China Avionics Systems Company Limited
17. China Communications Construction Company Limited
18. China Electronics Technology Group Corporation
19. China General Nuclear Power Corporation
20. China Marine Information Electronics Company Limited
21. China Mobile Communications Group Co., Ltd.
22. China National Nuclear Corporation
23. China National Offshore Oil Corporation
24. China North Industries Group Corporation Limited
25. China Nuclear Engineering Corporation Limited
26. China Railway Construction Corporation Limited
27. China Satellite Communications Co., Ltd.
28. China Shipbuilding Industry Company Limited
29. China Shipbuilding Industry Group Power Company Limited
30. China South Industries Group Corporation
31. China Spacesat Co., Ltd.
32. China State Shipbuilding Corporation Limited
33. China Telecommunications Corporation
34. China United Network Communications Group Co., Ltd.
35. Costar Group Co., Ltd.
36. CSSC Offshore & Marine Engineering (Group) Company Limited
37. Fujian Torch Electron Technology Co., Ltd.
38. Guizhou Space Appliance Co., Ltd.
39. Hangzhou Hikvision Digital Technology Co., Ltd.
40. Huawei Technologies Co., Ltd.
41. Inner Mongolia First Machinery Group Co., Ltd.
42. Inspur Group Co., Ltd.
43. Jiangxi Hongdu Aviation Industry Co., Ltd.
44. Nanjing Panda Electronics Company Limited
45. North Navigation Control Technology Co., Ltd.
46. Panda Electronics Group Co., Ltd.
47. Semiconductor Manufacturing International Corporation
48. Shaanxi Zhongtian Rocket Technology Company Limited
49. Zhonghang Electronic Measuring Instruments Company Limited
50. Hangzhou Hikvision Digital Technology Co., Ltd.
51. Huawei Technologies Co., Ltd.
52. China Communications Construction Group (Limited)
53. China Electronics Corporation
54. China Mobile Limited
55. China Telecom Corporation Limited
56. China Unicom (Hong Kong) Limited
57. CNOOC Limited
58. Huawei Investment & Holding Co., Ltd.
59. Panda Electronics Group Co., Ltd.

While the new list added approximately ten publicly traded companies in total, it offered little surprises to investors looking to see if they needed to sell any more Chinese stocks and bonds. After two Chinese corporations successfully challenged Trump's order in a US court, the decree was amended. According to Biden's team, a change was required to ensure that it was legally sound and long-term viable.

Picture Credit: AP