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Shares of a Chinese tech heavyweight Tencent Holding fell 5.3% in Hong Kong after the company was added list of “Chinese military companies” by the US Department of Defense.
The move reflects a decline of almost 8%. TencentUS Depositary Receipts on Wall Street.
Other Chinese companies added to the list included a battery maker CATwhich 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 mistake.”
“We are not a military company or supplier. Unlike sanctions or export controls, this announcement has no impact on our business,” the company added.
In response, CATL also called the name “an error,” claiming it was “not engaged in any military-related activities.”
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