November 24, 2020

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China Communications Construction Clarifies Impact of U.S. Sanctions

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By Yi Wei Wong China Communications Construction Co. said Thursday that five of its subsidiaries...

   By Yi Wei Wong 
 

China Communications Construction Co. said Thursday that five of its subsidiaries that have been implicated in the latest round of U.S. sanctions are primary engaged in the business of dredging domestically.

The U.S. on Wednesday added 24 Chinese companies active in the South China Sea–including five China Communications Construction subsidiaries–to a Commerce Department list that restricts American companies from supplying U.S. origin technology to them without a license.

This move follows a formal U.S. declaration that Washington opposes a swath of Chinese claims in the South China Sea last month.

In the release, China Communications Construction clarified that its businesses mainly conduct waterway dredging, land reclamation and environment dredging operations, which do not use technology supplied by the U.S.

None of its dredging businesses operate in the United States, the company said. Overseas dredging accounts for a very small portion of its business operations, it added.

China Communications Construction is currently conducting a thorough assessment on the potential impact of the sanctions on its business and operations.

Shares closed 3.4% lower at HK$4.50, after falling by as much as 5.6% during the day.

 

Write to Yi Wei Wong at [email protected]

 

(END) Dow Jones Newswires

August 27, 2020 06:16 ET (10:16 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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