US designates Tencent a Chinese military company, adding tech giant to blacklist

The U.S. Department of Defense (DOD) has added Chinese tech giant Tencent Holdings, Ltd. to its "blacklist" of companies that allegedly aide the Chinese military.The DOD on Monday released its annual updated list of firms operating in the U.S. deemed to be "Chinese Military Companies," which is a requirement under Section 1260H of the Mac Thornberry National Defense Authorization Act (NDAA) of FY2021. Tencent was a new addition to the list.The list is a warning to American companies to not work with these Chinese companies, and 134 companies are now on the list. While the designation does not mean immediate bans on the companies, it can be a blow to their reputations. CCP-AFFILIATED HACKER BREAKS INTO TREASURY DEPARTMENT SYSTEM IN ‘MAJOR INCIDENT’Hong Kong-listed shares of Tencent, the parent of Chinese instant messaging app WeChat, fell 7.3% on Tuesday, losing about HK$275 billion ($35.4 billion) in market value.Tencent called the DOD's move, which comes two weeks before President-elect Trump takes office, a "mistake."CHINA DIRECTS LARGEST MILITARY BUILD-UP SINCE 1930S NAZI GERMANY, EXPERT WARNS, CITING PENTAGON REPORTThe company said on Tuesday its business would be unaffected and that it would initiate a reconsideration process to correct its inclusion and, if necessary, undertake legal proceedings.GET FOX BUSINESS ON THE GO BY CLICKING HEREReuters and FOX News' Liz Friden contributed to this report.Weiter zum vollständigen Artikel bei FOX Business Weiter zum vollständigen Artikel bei FOX Business