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US Department of Defense (DoD) has added Chinese tech giant Tencent Holdings Ltd. to its “blacklist” of companies that allegedly assist the Chinese military.
The DOD on Monday released its annually updated list of firms operating in the US that are considered “Chinese military companies,” a requirement under Section 1260H of the FY2021 Mac Thornberry National Defense Authorization Act (NDAA). Tencent was a new addition to this list.
The DOD releases an annual list of companies doing business in the US that the department alleges are aiding the Chinese military. (Wang Zhao/AFP via Getty Images/Getty Images)
This list is a warning to American companies not to work with them Chinese companiesAnd 134 companies are now on the list. Although the designation does not mean an immediate ban on companies, it could be a blow to their reputation.
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Hong Kong-listed shares of Chinese company Tencent instant messaging app WeChat fell 7.3% on Tuesday, losing about HK$275 billion ($35.4 billion) in market value.
Tencent is a Chinese technology and entertainment conglomerate and holding company.
Tencent called out DOD’s move, which comes two weeks ago President-elect Trump Taking over is a “mistake”.
The company said on Tuesday that its business would be unaffected and that it would initiate a reconsideration process to correct its inclusion and take legal action if necessary.
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Reuters and Liz Frieden of Fox News contributed to this report.
