SPGI - U.S. banks drop sanctioned Chinese companies under new Trump rules

The China crackdown seen on Wall Street is extending to the Far East, where Goldman Sachs (GS), JPMorgan (JPM) and Morgan Stanley (MS) said they will delist 500 Hong Kong-listed structured products linked to China Mobile (CHL), China Telecom (CHA) and China Unicom (CHU), as well as local indexes including the Hang Seng Index. Last week, the Office of Foreign Assets Control clarified a November order from President Trump that banned Americans from investing in Chinese companies that the U.S. considers to have links with China's military.Global index providers MSCI (MSCI), FTSE Russell and S&P Dow Jones Indices (SPGI) already said they would also cut the three Chinese telco giants from benchmarks, wiping a combined $5.6B off the value of their Hong Kong-traded shares on Friday. After some flip-flopping, the New York Stock Exchange (ICE) also announced it would delist the three firms' U.S.-traded American Depositary Receipts starting today.What happens

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U.S. banks drop sanctioned Chinese companies under new Trump rules