Shares of Tencent (TCEHY) are moving lower after the company was among several labeled as Chinese military entities in a Federal Register filing. The Defense Department said Tencent us a Chinese military business operating in the U.S. In a statement to Bloomberg, the company said the move is “clearly a mistake.” It added, “We are not a military company or supplier. Unlike sanctions or export controls, this listing has no impact on our business. We will nonetheless work with the Department of Defense to address any misunderstanding.” Shares of Tencent are down 6%, or $3.29, to $49.88 in midday trading.
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