Naspers Dips Following US Military Company Designation for Tencent

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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Tencent Shares Slide After US Designates Firm as Chinese Military CompanyTencent's US-listed shares plunged after the US Department of Defense labeled the Chinese technology firm a Chinese military company operating in the US. This designation, along with others for Contemporary Amperex Technology and Autel Robotics, could lead to delisting from US exchanges and removal from global benchmarks. Tencent, one of China's most valuable tech companies, has already faced challenges due to the country's economic slowdown but has outperformed rivals in recent times.
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