US Adds Tencent to Chinese Military Blacklist; Shares Fall 6%

MT Newswires Live01-07 10:39

The US Department of Defense has added Tencent Holdings (HKG:0700) to blacklisted companies, citing its alleged links to the Chinese military.

The updated list, published on Tuesday in the Federal Register, also includes Contemporary Amperex Technology (SHE:300750), China Telecom (SHA:601728, HKG:0728) and China United Network Communications Group or China Unicom (HKG:0762, SHA:600050), among others.

Tencent has denied having links to the Chinese military. A Tencent spokesperson told Bloomberg: "We are not a military company or supplier."

"Unlike sanctions or export controls, this listing has no impact on our business. We will nonetheless work with the Department of Defense to address any misunderstanding."

Shares of Tencent fell nearly 6% Tuesday morning in Hong Kong.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

  • neo26000
    01-07 11:12
    neo26000
    Ah, just two weeks to retirement, and yet, still unable to retire quietly. No, must keep stirring the pot. Because, of course, what's retirement without a little drama? Can't even wait for Trump to make his next move. Who needs peace and quiet when you can shake the boat, right?
Leave a comment
1
1