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The US Department of Defense (DOD) has added Chinese technology giant Tencent Holdings, Ltd. on its “blacklist” of companies allegedly aiding the Chinese military.
The DOD on Monday released its updated annual list of companies operating in the US that are considered “Chinese Military Companies,” a requirement under Section 1260H of the Mac Thornberry National Defense Authorization Act (NDAA) for FY2021. Tencent is the newest addition to the list.
The DOD releases an annual list of companies doing business in the US that the department says are helping the Chinese military. (WANG ZHAO/AFP via Getty Images/Getty Images)
This list is a warning to American companies not to cooperate with these Chinese companies, and there are 134 companies on the list. Although the designation does not mean an immediate ban for the companies, it can damage their reputation.
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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 is a Chinese technology and entertainment and holding company.
Tencent called the DOD’s move, which comes two weeks before President-elect Trump takes office, “a mistake.”
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The company said on Tuesday that its business would not be affected and that it would begin a review process to correct its filing and, if necessary, take legal action.
Former Trump National Security Advisor KT McFarland discusses Jimmy Carter’s legacy, China running a large military contingent and Senator Cardin’s concerns about Trump threatening to take control of the Panama Canal in ‘Varney & Co.’
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Reuters and FOX News’ Liz Friden contributed to this report.
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