Bloomberg: BlackRock Selling Stakes in Sanctioned Chinese Mobile Firms
Fri January, 2021, Age: 2 years
The fallout from the Trump administration’s active use of the sanctions list to target Chinese companies with possible ties to China’s military is underway. The world’s largest money manager, New York based BlackRock Inc., has begun divesting its holdings in several Chinese telecom companies that were added to the sanctions list and which, as a result, are being de-platformed from the NYSE. According to Bloomberg: “The world’s largest money manager reduced its holdings in China Mobile Ltd., China Telecom Corp. and China Unicom Hong Kong Ltd. in recent weeks and plans to keep selling, according to a person with knowledge of the matter.” BlackRock was the second biggest holder of China Telecom shares and held a 7% stake in the company as of Wednesday. Other fund managers were following suit, as the Trump administration’s plan to cut off certain Chinese companies from U.S. capital markets appeared to be bearing fruit.