- Two people familiar with the matter told Reuters that the Trump administration is considering adding Alibaba Group Holdings Ltd. and Tencent Holdings Ltd. to the blacklist of Chinese companies allegedly owned or controlled by the Chinese military.
- Alibaba and Tencent shares were both down roughly 3% in morning trade on the Hong Kong Stock Exchange.
- Alibaba’s U.S.-listed shares closed down just over 5% on the news on Wednesday, but were roughly flat in after hours trading.
- U.S. President Donald Trump signed an executive order banning transactions with eight Chinese software applications, including Ant Group’s Alipay mobile payment app, escalating tensions with Beijing two weeks before President-elect Joe Biden takes office.
- Alibaba and Tencent did not immediately respond to Reuters requests for comment.
Read the FULL article over at Whatfinger by clicking here
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