WASHINGTON D.C. (CelebrityAccess) — Tencent Holdings Limited, the company behind some of the biggest music streamers in the Chinese market, has been added to the list of companies the U.S. Department of Defense believes are collaborating with the Chinese military.
The Defense Department maintains the list of suspected collaborators in accordance with the statutory requirement of Section 1260H of the National Defense Authorization Act for Fiscal Year 2021.
Tencent’s addition to the DOD’s blacklist does not automatically block the company, but the decision to include Tencent is a blow to the Chinese tech giant’s reputation. The Defense Department’s list now includes 134 Chinese firms across multiple industries, but with a focus on technology and aerospace ventures.
In a statement provided to Reuters, a rep for Tencent said the inclusion of the company on the DoD’s list was a “mistake” and said it would initiate an reconsideration of its inclusion and possible legal action over its inclusion on the list.
After news of Tencent’s listing became public, the company’s share price slid by more than 7% on Tuesday to 379.6 HKD.
