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Heavyweight Chinese technology stocks Tencent Holdings Its shares fell by 5.3% in Hong Kong after the company was added to it List of “Chinese military companies” By the US Department of Defense.
The move reflects a decline of approximately 8% TencentWall Street American Depositary Receipts.
Other Chinese companies added to the list included a battery maker Cattlewhich is part of the supply chain of automakers such as Ford and Tesla.
CATL shares fell 5% in Shenzhen.
In response to the decision, Tencent said in a statement that its inclusion on the list was a “clear error.”
The company added: “We are not a military company or supplier. Unlike sanctions or export controls, this listing has no impact on our business.”
CATL also called the designation an “error” in its response, saying it “is not involved in any military related activities.”
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