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China technology heavyweights Tencent Holdings Hong Kong stocks fell 5.3% after the company was included List of “Chinese Military Industrial Enterprises” By the U.S. Department of Defense.
The move reflects a nearly 8% decline TencentAmerican Depository Receipts on Wall Street.
Other Chinese companies on the list include battery manufacturers Ningde erawhich is part of the supply chain of automakers such as Ford and Tesla.
CATL’s share price fell 5% in Shenzhen.
In response to the decision, Tencent said in a statement that its inclusion on the list was “obviously a mistake.”
“We are not a military company or supplier. Unlike sanctions or export controls, this listing has no impact on our business,” the company added.
In its response, CATL also called the designation “a mistake” and said the company “is not engaged in any military-related activities.”
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