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US bans investments in Huawei, SMIC and dozens of other Chinese companies

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US President Joe Biden signed a decree barring United States-based companies from investing in Chinese companies. The list includes dozens of Chinese companies believed to be related to the defense industry or surveillance technology.

The US Treasury Department will establish and update the list of companies on a “permanent basis,” which currently includes about 59 companies. The order prohibits the purchase or sale of publicly traded securities with these companies. It also discourages U.S. investment in support of the Chinese military-industrial complex and military, intelligence and security research and development programs.

Major Chinese companies included in the previous list of the Ministry of Defense have also been included in the updated list, including Aviation Industry Corp of China (AVIC), China Mobile Communications Group, China National Offshore Oil Corp (CNOOC), Hangzhou Hikvision Digital Technology Co Ltd , Huawei Technologies Ltd and Semiconductor Manufacturing International Corp (SMIC).

The move is seen as part of a broader series of moves by Biden to counter China, aimed at attracting large domestic investment to improve the competitiveness of the American economy.

Investors have not yet reacted to the list, according to Reuters, as most stocks rose on Friday morning.

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