Alibaba 3v5c24 Tencent Said to Be Considered by Trump istration for Addition to China Stock Ban Blacklist

The plan was still under deliberation and may not go through as agencies debate its impact on markets. 4j6b1v

By Reuters | Updated: 7 January 2021 12:08 IST

Alibaba, Tencent Said to Be Considered by Trump istration for Addition to China Stock Ban Blacklist

US President Trump signed executive order banning transactions with eight Chinese apps, including Alipay 4x1v5p

Highlights

Alibaba and Tencent shares were both down roughly three percent
The move is aimed at curbing the threat to Americans
The order signed by Trump also names CamScanner, SHAREit among others

ment

The Trump istration is considering adding Alibaba Group and Tencent to a blacklist of Chinese companies that are allegedly owned or controlled by the Chinese military, two people familiar with the matter told Reuters.

The news was first reported by the Wall Street Journal, that said the plan was still under deliberation and may not go through as agencies debate its impact on markets.

Tencent shares were both down roughly three percent in morning trade on the Hong Kong Stock Exchange. Alibaba's US-listed shares closed down just over five percent on the news on Wednesday but were roughly flat in after-hours trading.

Alipay, WeChat Pay Among 8 Chinese Apps Banned in US by Trump Order

Alibaba and Tencent did not immediately respond to Reuters requests for comment.

On Tuesday, US President Donald Trump Joe Biden takes office.

The order, first reported by Reuters, tasks the Commerce Department with defining which transactions will be banned under the directive and targets Tencent's QQ Wallet and WeChat Pay as well.

The move is aimed at curbing the threat to Americans posed by Chinese software applications, that have large bases and access to sensitive data, a senior official told Reuters.

The order signed by Trump also names WPS Office and says "the United States must take aggressive action against those who develop or control Chinese connected software applications to protect our national security."

A US official told Reuters that even though the order gave the Commerce Department 45 days to act the department plans to act before January 20 when Trump leaves office to identify prohibited transactions.

Trump's order says, "by accessing personal electronic devices such as smartphones, tablets, and computers, Chinese connected software applications can access and capture vast swaths of information from s, including sensitive personally identifiable information and private information."

It added the data collection "would permit China to track the locations of federal employees and contractors and build dossiers of p

© Thomson Reuters 2020

What will be the most exciting tech launch of 2021? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, the episode, or just hit the play button below.

links may be automatically generated - see our ethics statement for details.

Comments

For the latest reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.