First Shanghai Securities: The United States has included Tencent in the list of Chinese military enterprises, which has no fundamental impact on the business and maintains a buy rating

第一上海证券01-08

Event content: The United States recently included Tencent Holdings Co., Ltd. in the list of Chinese military enterprises, accusing it of supporting China's "integration of defense and civilian technologies" strategy. This move attracted market attention, and Tencent's share price in the US stock market fell by nearly 8%. The inclusion in the list is not accompanied by specific sanctions, but it may have a potential impact on Tencent's cooperation with American companies and transactions involving American investors. Tencent responded in an after-hours announcement on January 7th, denying any connection with the Chinese military, and saying that it would initiate a reconsideration procedure to correct the mistakes. At the same time, the list of Chinese military enterprises will not prohibit enterprises and investors other than the Ministry of National Defense from conducting business dealings with Tencent and...

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The inclusion in the list is not accompanied by specific sanctions, but it may have a potential impact on Tencent's cooperation with American companies and transactions involving American investors. Tencent responded in an after-hours announcement on January 7th, denying any connection with the Chinese military, and saying that it would initiate a reconsideration procedure to correct the mistakes. 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