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D US Department of Defense (DOD) has added Chinese tech giant Tencent Holdings, Ltd. to its “blacklist” of companies accused of aiding the Chinese military.
The DOD on Monday released its annual updated list of US-based companies deemed “Chinese military companies” as required under Section 1260H of the Mac Thornberry National Defense Authorization Act (NDAA) for FY2021. Tencent is a new addition to the list.
The DOD publishes an annual list of companies doing business in the United States that the department accuses of aiding the Chinese military. (Wang Zhao/AFP via Getty Images/Getty Images)
The list is a warning to American companies not to do business with them Chinese companyAnd 134 companies are now on the list. While the designation doesn't mean an immediate ban on companies, it can be a blow to their reputation.
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Tencent's Hong Kong-listed shares are Chinese-owned Instant messaging app WeChat, down 7.3% on Tuesday, lost about HK$275 billion ($35.4 billion) in market value.
Tencent is a Chinese technology and entertainment company and holding company.
Tencent said the DOD's move, which comes two weeks ago President-elect Trump Takes the office, a “mistake.”
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The company said on Tuesday that its business would not be affected and that it would begin a review process to correct its inclusion and take legal action if necessary.
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Liz Frieden of Reuters and Fox News contributed to this report.