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Shares of the Chinese technology heavyweight Tencent Holdings Company in Hong Kong fell 5.3% after joining the company list of “Chinese military companies” The US Department of Defense.
The move represents a drop of nearly 8%. TencentWall Street US Depository Receipts.
Other Chinese companies added to the list included battery makers BOILERwhich is part of the supply chain for automakers like Ford and Tesla.
CATL shares fell 5% in Shenzhen.
Listing currently has no legal effect, although the National Defense Authorization Act of 2024.
In response to the decision, Tencent said the listing was “clearly a mistake.”
“We are not a military company or supplier. Unlike sanctions or export controls, this list does not affect our business,” the company added.
In response, CATL also called the designation “a mistake,” saying it “does not engage in any military activity.”
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