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The US Department of Defense (DOD) added Chinese technology giant Tencent Holdings, Ltd. to its “blacklist” of companies that allegedly help the Chinese military.
The DOD on Monday released its annual updated list of companies operating in the U.S. that are considered “Chinese military companies,” a requirement under Section 1260H of Mac Thornberry’s FY 2021 National Defense Authorization Act (NDAA). Tencent was a new addition list.
The DOD publishes an annual list of companies operating in the US that the department claims are helping the Chinese military. (WANG ZHAO/AFP via Getty Images/Getty Images)
The list is a warning to US companies not to do business with them Chinese companiesand there are now 134 companies on the list. While the designation does not mean an immediate ban on the company, it can be a blow to their reputation.
Shares of Tencent, the Chinese parent company, listed in Hong Kong instant messaging application WeChat, fell 7.3% on Tuesday, losing about HK$275 billion (US$35.4 billion) in market value.
Tencent is a Chinese technology and entertainment conglomerate and holding company.
Tencent called the DOD’s move coming two weeks early President-elect Trump takes over, “mistake”.
The company said on Tuesday that its business would not be affected and that it would launch a review process to correct its inclusion and, if necessary, take legal action.
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Liz Friden of Reuters and FOX News contributed to this report.
