Tencent and CATL are planning legal action to challenge being placed on a Pentagon list as “Chinese military companies”, if talks with the US defence department fail to get their new designations dropped. The social media and gaming giant and the world’s largest electric vehicle battery maker both announced on Tuesday they would contest their inclusion on an annually updated list of companies determined to have links with China’s military machine.
On Monday, the Department of Defense also removed artificial intelligence group Megvii from the list. Tencent’s announcement comes after investors dumped shares in the country’s largest company by market capitalisation, with shares falling by 7 per cent in Hong Kong on Tuesday. The Pentagon listing will not have any immediate impact on Tencent’s business, but could presage tougher action from the incoming Trump administration.
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