Chinese tech giants Tencent and CATL see stock decline due to US military entity designation

World News

1 year ago

News sources:

Credited from: SCMP

Chinese tech stocks, including **Tencent Holdings** and **CATL**, suffered significant market losses following their identification as **Chinese military entities** by the US government.
Tencent's shares dropped **5.2%** in Hong Kong, while CATL saw a decline of **2.7%** in Shenzhen.
The **Hang Seng Index** fell by **1.7%**, marking its lowest point since late November 2022, amidst rising investor caution.
Both companies criticized the designation as a **mistake** and emphasized that it does not impact their business operations.
This move comes just before Donald Trump assumes office again, which raises further concerns about the impact on **China's economy** and investor sentiment.

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