Tencent’s Hong Kong-listed shares fell 5 per cent on Tuesday after the Pentagon designated the tech giant as a Chinese military company operating in the US.
The gaming and social media group, which owns ubiquitous Chinese messaging app WeChat, was added to a list of dozens of companies the defence department considers to be working with the Chinese military directly or indirectly, according to a federal document published on Monday.Tencent’s US-listed shares closed down 7.8 per cent following the news.
The list is part of Washington’s broad efforts to counteract the rise of China as a military superpower.
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