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Shares of Tencent Holdings dropped 5.4% in Hong Kong after being listed as a “Chinese military company” by the U.S. Department of Defense, leading to a similar decline in its U.S. depository receipts. CATL, a battery maker for automakers like Ford and Tesla, also saw a 3.5% drop after being included on the list. Both companies denied any military involvement and stated that the designation was a mistake, as the U.S. aims to restrict technology transfer to China through various measures, including export controls and licensing requirements for advanced computing semiconductors.
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