The following article provides an update on sanctions made by the United States against Communist Chinese Military Companies and the implications for the securities market of Hong Kong.
On 12 November 2020, the President of the United States issued Executive Order 13959 (EO13959). EO13959 prohibits specific transactions in securities linked to what the Order describes as “Communist Chinese Military Companies”; this has led to significant market uncertainty. The uncertainty led to another Order (EO13974) being issued to amend components of the EO13959; the update in this article summarizes the current status of EO13959 after amendments by EO13974.
Authors: Richard Mazzochi, Partner and Minny Siu, Partner, King & Wood Mallesons