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US rules out banning investments in Tencent and Alibaba

(Bloomberg) – US officials deliberated, but ultimately decided not to ban US investments in Alibaba Group Holding Ltd. and Tencent Holdings Ltd., according to a person familiar with the talks, eliminating a share of uncertainty around the two. Asia’s largest companies The Treasury Department blocked a Pentagon initiative that sought to blacklist the two internet companies on the grounds that they were helping the military, said the person, who asked not to be identified because of talks private. Officials also debated blocking search leader Baidu Inc., but scrapped the plan, the person added. The news was originally reported by the Wall Street Journal. The decision removes uncertainty around Chinese social media and gaming leader Tencent and Alibaba, the e-commerce giant founded by billionaire Jack Ma that is now under intense scrutiny from regulators in Beijing. US President Donald Trump has signed an amended version of his executive order prohibiting investment in Chinese companies linked to the military, the White House said in a statement Wednesday that did not mention any company by name. two giants would have marked the largest escalation so far of the outgoing Administration, given the large size of the two companies and the difficulty to undo positions. At more than US $ 1 trillion, the combined market value of the two companies is almost twice that of Spain’s stock market, while together they account for about one-tenth of the weight of MSCI Inc.’s emerging markets benchmark index. For national security reasons, Trump signed an executive order in November requiring investors to withdraw from Chinese companies linked to that nation’s military. The Defense Department will add more companies to the list, the person said without elaborating. That would further affect the relationship between the world’s two largest economies, which have clashed over everything from COVID-19 to Hong Kong. Authorities in Washington have stepped up efforts to deprive Chinese companies of American capital in recent months of the Trump Administration, adding to economic tensions as President-elect Joe Biden prepares to take office. control this month. “China opposes the politicization of economic and trade problems and the abuse of state power and the concept of national security to suppress foreign companies,” said China’s Foreign Ministry spokesman Zhao Lijian, during a daily press conference on Thursday. Zhao urged the US to respect the principles of the market economy and provide a fair, impartial and transparent business environment for foreign companies Original Note: US Is Said to Drop Plan for Alibaba, Tencent Investing Ban (3) For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source. © 2021 Bloomberg LP

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