The shares of Alibaba and
The shares of Alibaba and Tencent saw heavy falls on Thursday after a report, citing several people familiar with the matter, suggested the Trump administration could be about to add the Chinese tech giants to a U.S. blacklist. CNBC's Eunice Yoon reports. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
Shares of Alibaba and Tencent fell Thursday after The Wall Street Journal reported that the Trump administration may add the Chinese tech giants to a U.S. blacklist.
The conglomerates’ shares slid around 4% on the Hong Kong stock exchange after the Journal said officials were considering prohibiting Americans from investing in the firms. The report cited several people familiar with the matter.
The U.S. government blacklisted 31 Chinese companies in November over concerns that they support Beijing’s military through an executive order. U.S. officials have been discussing expanding the executive order to expand the blacklist, the Journal’s sources said.
When the Hong Kong stock exchange closed, Tencent’s share price was down 4.69% to 568.5 Hong Kong dollars, while Alibaba’s share price was down 3.91% to 221 Hong Kong dollars.
In premarket trading, U.S.-listed shares of Tencent were down 2.8% and Alibaba’s were slightly in the red.
If they do get added to the U.S. blacklist, then American investors won’t be able to trade their stocks from Jan. 11. Those that already own shares in the companies would have until November to offload them.
Trump signed the initial executive order shortly after losing the 2020 presidential election to Joe Biden and it is already having consequences. The New York Stock Exchange confirmed on Wednesday that it plans to delist China Mobile, China Telecom and China Unicom.
On Tuesday, the Trump administration moved to ban Chinese payments apps including Alipay and WeChat Pay, which are linked to Alibaba and Tencent respectively.
In December, the U.S. added Chinese drone company DJI and Semiconductor Manufacturing International to a trade blacklist. The U.S. Commerce Department said the action against SMIC “stems from China’s military-civil fusion (MCF) doctrine and evidence of activities between SMIC and entities of concern in the Chinese military industrial complex.”
Alibaba’s battles extend beyond the U.S. and to its home turf, where Chinese regulators have recently launched an antitrust investigation against the company.
Jack Ma, Alibaba’s founder and CEO, is keeping a low profile and hasn’t been seen in public since last October after he appeared to criticize the country’s regulators.
Alibaba and Tencent did not immediately respond to CNBC’s request for comment.
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic
Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast
Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC
Wont stop China. Trump wasted four years fighting China, total waste of time.
Trump has been destroying America for over 4 years
I will never buy shares from NYSE ! I don't trust USA !
USA should leave WTO immediately since they do not obey international trade rules.
Why interview someone located in China about this. It's entirely an American issue. Speaking to a foreign correspondent makes no sense
Nov.29 -- The Trump
Nov.29 -- The Trump administration is poised to add chipmaker SMIC and offshore oil-and-gas explorer CNOOC to a list of firms blocked from American investment due to military ties, according to Reuters. Tom Mackenzie reports on "Bloomberg Markets: Asia."
US: If you can't compete, then ban it for "national security reason" lol
Guys! If you want to really go nuts, enter in google: VectraCoin
Why do an analysis if there is VectraCoin?
God bless China ??✊✊✊✊✊
is there really still a person who does not know about the existence of VectraCoin?
Oct.08 -- Oliver Wyman's
Oct.08 -- Oliver Wyman's Daniel Tannebaum discusses the recent move by the U.S. to blacklist some Chinese firms ahead of trade talks. He speaks on "Bloomberg The Open."
Don’t French companies listed in America do the same?
Good Morning God bless the WHOLE world with peace, love, and harmony. Plenty of smiles my friends. Let's rise above the mess. To our allies most Americans dont want to fight anyone. Let's heal our relationships all over the world above the messy GOP. ?????????????????????
Buy American ??
Good! Kick them ALL the fuck out! Why the FUCK are we trading with a bunch of low-life commies? We should be BURYING the Chi-Com savages, and ANY company that kow-tows to these human filth that is the Chinese government should be charged with trading with the enemy. As far as I know, commies are the enemy, and they should be destroyed, not propped up on OUR backs as our entire manufacturing base was moved there. Anyone that had anything to do with that should be hanged for treason. Looking at you, Clinton, W, and Obammy!
Seeing you three swing for treason would make my year!