Naspers Dips Following US Military Company Designation for Tencent

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Naspers,Tencent,Military Company

Naspers shares took a hit after news broke that the US Department of Defense labeled Tencent, a Chinese tech giant, as a military company.

Naspers plunged after news emerged that the US had designated China’s Tencent as a military company operating in the US. It fell by as much as 10% on the JSE on Tuesday morning after news emerged that the US defence department had designated China’s Tencent as a military company.

Various global media outlets reported on Tuesday, after markets closed in Johannesburg, that the US department of defence had labelled Tencent – and several other companies – as Chinese military entities in a “Federal Register” filing. The US defence department’s list of military companies is updated annually and now includes 134 firms. According to the BBC, the defence department’s list of military companies – formally known as the “section 1260H list” – is updated annually and now includes 134 firms.“We are not a military company or supplier. Unlike sanctions or export controls, this listing has no impact on our business,” a spokesman reportedly said.The work we do at TechCentral is made possible through the support of our commercial partners. Please help us produce the original and quality South African technology journalism you value by disabling your ad blocker

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