International Courant
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Shares of Chinese language know-how heavyweights Tencent Holdings fell 5.4% in Hong Kong after the corporate was added a listing of “Chinese language army firms” by the US Division of Protection.
The transfer follows an almost 8% decline in Tencent’s American depositary receipts on Wall Avenue.
Different Chinese language firms added to the listing embrace the battery producer CATwhich is a part of the availability chain for automotive producers comparable to Ford And Tesla.
CATL shares, which fell as a lot as 5.6%, had been final down 3.5% in Shenzhen.
The Nationwide Protection Authorization Act of 2024 says DoD will probably be prohibited from buying items or companies straight from listed entities starting in June 2026, and not directly starting in June 2027.
Reacting to the choice, Tencent stated in a press release that its inclusion on the listing was “clearly a mistake.”
“We’re not a army firm or provider. In contrast to sanctions or export controls, this itemizing can have no affect on our enterprise,” the corporate added.
CATL additionally known as the designation “a mistake” in a response and stated it’s “not concerned in army actions.”
The US has focused Chinese language know-how firms in its try to restrict the switch of high-end applied sciences to China. Final 12 months, it revoked sure licenses to promote chips to China’s Huawei in Could and unveiled sweeping new export controls on key applied sciences together with quantum computer systems and semiconductor merchandise in September.
In 2022, the This was reported by the Bureau of Business and Safety of the US Division of Commerce Firms should apply for a license in the event that they wish to promote sure superior laptop semiconductors or associated manufacturing tools to China.
Tencent shares fall 5% in Hong Kong after the US labeled it a Chinese language army firm
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