HONG KONG: Shares in the parent of Chinese social media giant WeChat tanked in Hong Kong on Friday (Aug 7) after Donald Trump signed an executive ...
HONG KONG: Shares in the parent of Chinese social media giant WeChat tanked in Hong Kong on Friday after Donald Trump signed an executive order banning Americans from doing business with the platform, citing national security concerns.
More than US$30 billion was wiped off Tencent's market capitalisation by the end of the day, with the firm having surged about 70 per cent since March as global tech titans benefited from stay-at-home orders aimed at containing the coronavirus.The move adds to a laundry list of issues that have ratcheted up tensions between the superpowers, including Hong Kong, Huawei and the spread of the virus.
"Tencent's overseas expansion map now looks a bit uncertain, since some M&A deals, especially if its targets are based in the US, will face challenges."
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tencent loses US$46 billion as WeChat ban rocks China, Hong Kong stocks and yuanSHANGHAI (BLOOMBERG, REUTERS) - The Trump administration's move to ban US residents from doing business with Tencent Holdings' WeChat app rippled through Chinese markets, on Friday (Aug 7) erasing US$46 billion (S$63 billion) from the Internet giant's market value and sending the yuan to its biggest slump in two weeks.. Read more at straitstimes.com.
Read more »
Trump issues orders for US ban on WeChat, TikTok in 45 days[WASHINGTON] US President Donald Trump issued executive orders on Thursday banning any US transactions with ByteDance, the Chinese company that owns video-sharing app TikTok, and Tencent, owner of the WeChat app, starting in 45 days. Read more at The Business Times.
Read more »
Trump issues orders for U.S. ban on WeChat, TikTok in 45 daysU.S. President Donald Trump issued executive orders on Thursday banning any U.S. transactions with ByteDance, the Chinese company that owns video-sharing app TikTok, and Tencent , owner of the WeChat app, starting in 45 days. The orders come as the Trump administration said this week it was stepping
Read more »
Trump issues orders for US ban on WeChat, TikTok in 45 daysThe orders come as the Trump administration said this week it was stepping up efforts to purge “untrusted” Chinese apps from U.S. digital networks ...
Read more »
Trump imposes U.S. ban on WeChat, TikTok in 45 daysU.S. President Donald Trump announced Thursday sweeping bans on U.S. transactions with China's ByteDance, owner of video-sharing app TikTok, and Tencent, operator of the WeChat app, starting in 45 days, in a major escalation of tensions with Beijing. The executive orders come as the Trump administration
Read more »
Trump preps bans on WeChat, TikTok, stoking tension with BeijingU.S. President Donald Trump has unveiled sweeping bans on U.S. transactions with the Chinese owners of messaging app WeChat and video-sharing app ...
Read more »