Tech group Tencent and the world’s dominant battery maker
fell as much as 6 per cent in Shenzhen, their biggest decline in about three months.
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Tencent Shares Plunge After Pentagon Designates It as Chinese Military CompanyTencent's US-listed shares dropped sharply after the Pentagon added the tech giant to a list of Chinese companies deemed to be operating with the Chinese military. While the designation carries no immediate legal consequences, it raises reputational concerns for Tencent, which owns the widely used messaging app WeChat. The Pentagon's move is part of a broader US effort to counter China's military ambitions and technological advancements.
Source: FT - 🏆 113. / 51 Read more »
US Adds Tencent to Military Company ListThe US Department of Defense has added Chinese tech giant Tencent to its annual list of “Chinese military companies”. While inclusion doesn’t automatically result in a ban, it raises concerns about Tencent’s potential ties to China’s military. Tencent, known for its WeChat messaging platform and gaming services, maintains its inclusion is an error and plans to appeal. The PLA could potentially leverage Tencent’s ubiquitous platform and cloud services for its modernization and defense efforts.
Source: TheRegister - 🏆 67. / 61 Read more »