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

Published On Jan 7, 2025, 4:15 PM

The U.S. Department of Defense has added Tencent Holdings to its blacklist of companies that allegedly support the Chinese military, which is mandated under the NDAA. Tencent's stock fell significantly following this news, losing around $35.4 billion in market value. The company has publicly stated that it intends to challenge this designation, claiming the move was a mistake. Despite this negative news, they assert that their business will be unaffected.