Reports. In-depth reports on the risk factors and threat implications of economic and financial statecraft.

RWR has published the attached report, entitled “Military Ties of Major Chinese State-Owned Telecom Companies: China Mobile, China Unicom, China Telecom,” which documents some of the most noteworthy connections of these three companies to China’s military, the People’s Liberation Army (PLA).  These three companies have been at the forefront of both the efforts of the U.S. Department of Defense to designate “Communist Chinese Military Companies” (CCMCs) as well the reaction of the investment community to the requirements established by Executive Order 13959 that prohibits holding the securities of such companies in portfolio after November 11, 2021.  After a number of reversals, the New York Stock Exchange confirmed on January 6, 2021 that it would delist the companies.  Less than a day after President Biden was inaugurated, however, each of these companies were seeking to undo this decision.  The attached report documents some of the rationale that likely put these companies on the Pentagon PLA list in the first place.