Tencent has announced that the US government's blacklisting could only be a “misunderstanding” and will initiate proceedings.
The US Department of Defense has added Chinese tech giant Tencent Holdings to the list of companies it believes are linked to the Chinese military.
This classification is part of a 2020 order barring American companies from doing business with the listed companies.
Tencent then stated that it was neither Chinese military company nor does it contribute to the military-civilian fusion in the Chinese defense sector.
The Company considers its inclusion on the list to be a mistake and intends to do so Verification process with the US Department of Defense to resolve the situation.
Tencent emphasized that this classification applies solely to defense procurement in the United States and has no impact on the company's operations in general.
Following the announcement, Tencent shares fell as much as 7%. The company, known as the world's largest video game provider, has stakes in numerous companies, including Epic Games and Ubisoft.
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