The U.S. Defense Department has added dozens of Chinese companies to its annual list of 'Chinese Military Companies', including Tencent and CATL, citing national security concerns.
Tencent, facing a 7.3% drop in stock value, argues its inclusion in the CMC list is a mistake, asserting it has no military ties.
CATL also claims its designation as a Chinese military company is erroneous, arguing it has never engaged in military-related activities and dismissing any adverse operational impacts.
The National Defense Authorization Act of 2024 prohibits dealings with designated companies, marking a significant step in the U.S. strategy to restrict advanced technology sharing.
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