Tencent shares fall 5% in Hong Kong after U.S. designates it as a Chinese military company

Shares of Chinese technology heavyweights Tencent Holdings fell 5.3% in Hong Kong after the company was added a list of “Chinese military companies” from the United States Department of Defense.

The move reflects a drop of almost 8%. Tencentthe United States depository receipts on Wall Street.

Other Chinese companies added to the list include the battery maker CATLwhich is part of the supply chain for automakers like Ford and Tesla.

CATL shares fell 5% in Shenzhen.

In response to the decision, Tencent said in a statement that its inclusion in the list was “clearly a mistake”.

“We are not a military company or a supplier. Unlike sanctions or export controls, this list has no impact on our business,” added the company.

CATL also called the designation “a mistake” in a response, saying it “is not engaged in any military activity.”

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