0945 GMT - Prosus, Tencent's largest shareholder, shares fall after the U.S. added Tencent to its list of companies allegedly linked to China's military, AlphaValue analyst Saima Hussain writes in a note. This time, it isn't a Chinese crackdown driving the tech giant's plunge but the U.S., the analyst says. Following the Pentagon's statement, Tencent's stock dropped almost 8%, as did Prosus's in early morning European trading. "This marks the first time Tencent has faced such direct scrutiny. While the designation doesn't impose legal sanctions, it raises reputational risks and fears of potential operational disruptions," the analyst adds. Prosus shares are down 1.9% at 34.96 euros and Tencent shares are down 7.3% at HK$379.60. (najat.kantouar@wsj.com)
(END) Dow Jones Newswires
January 07, 2025 04:45 ET (09:45 GMT)
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