Investing.com investing.com 07 Jan, 2021 04:15 am

U.S. considering adding Alibaba, Tencent to China stock ban

U.S. considering adding Alibaba, Tencent to China stock ban
U.S. considering adding Alibaba, Tencent to China stock ban - sources

If added, Alibaba and Tencent would be subject to an executive order signed by U.President Donald Trump signed an executive order banning transactions with eight Chinese software applications, including Ant Group's Alipay mobile payment app and Tencent Holdings Ltd’s QQ Wallet and WeChat Pay.The November executive order sought to give teeth to a 1999 law that tasked the Defense Department with drafting a list of Chinese companies deemed to be owned or controlled by the Chinese military.Shares in Alibaba Group Holding Ltd were down 5% in morning trade on the Hong Kong Stock Exchange.

Trump has unleashed a raft of tough measures against Chinese firms in his waning days in the White House as he seeks to cement his hardline legacy and as Beijing and Washington have clashed over the coronavirus and the Chinese crackdown on Hong Kong.31 announced plans to delist China Mobile (NYSE: CHL ) Ltd, China Telecom (NYSE: CHA ) Corp Ltd and China Unicom (NYSE: CHU ) Hong Kong Ltd.

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