. While inclusion on the list comes with no sanctions, it does have a reputational impact, and is designed to put off US investors. Tencent called the designation a"misunderstanding", and has since provided a full statement, noting its plans to"initiate a Reconsideration Process to correct this mistake".
"Unlike other lists maintained by the US Government for sanctions or export control measures, inclusion in the CMC List relates only to US defense procurement, which does not affect the business of the Group," the statement notes.
"During the process," Tencent says,"it will engage in discussions with the U.S. Department of Defense to resolve any misunderstanding, and if necessary, will undertake legal proceedings to remove the Company from the CMC List."
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