Tencent shares fell 5% in Hong Kong after the US declared it a Chinese military company
Jonathan Raa | Nurphoto | Getty Images
Shares of the Chinese technology heavyweight Tencent Holdings it fell 5.3% in Hong Kong after the company was added list of “Chinese military companies” by the US Department of Defense.
The move reflects a decline of almost 8%. Tencentof American Depository Receipts on Wall Street.
Other Chinese companies added to the list include a battery maker CATLwhich is part of the supply chain for car manufacturers such as Ford and Tesla.
CATL shares slipped 5% in Shenzhen.
Listing currently has no legal consequences, although the National Defense Authorization Act of 2024.
In response to the decision, Tencent said in a statement that its inclusion on the list was “clearly a mistake.”
“We are not a military company or supplier. Unlike sanctions or export controls, this list has no impact on our business,” the company added.
CATL also called the designation a “mistake” in a response, saying it was “not engaged in any military activities.”
— This is breaking news. Check again for updates.
