Tencent Listed as Military-Linked Company, Causing Share Drop

BEIJING, CHINA - MARCH 03: 'Pony' Ma, Chairman and Chief Executive Officer of Tencent Holdings Ltd., speaks at a news conference in 2016 in Beijing.Chinese web giant Tencent was added to a U.S. government list of military-linked companies, spooking investors and triggering as much as a 7% plunge in its Hong Kong-listed shares.

The Pentagon publishes annually a list of “Chinese military companies” that it says operate directly or indirectly in the U.S. Although that designation—which according to American officials means they contribute to China’s military advancement—triggers no specific sanctions by the Pentagon, it functions as a blacklist and can hurt those companies’ international operations as potential partners assess new risks.

, who has a fortune of $35.9 billion that is largely based on a company stake, according to Forbes estimates, the company has been working with Ford since 2023 to build a battery factory in Michigan. It initially planned to invest $3.5 billion, although that amount

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