Tencent makes largest share buyback in 20 years after US blacklisting

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Tencent makes largest share buyback in 20 years after US blacklisting - Business Standard

Quick Summary:

Unlike other lists maintained by the US Government for sanctions or export control measures, inclusion in the CMC List relates only to US defense procurement, which does not affect the business of the Group.

Last month, China banned exports to the US of certain critical minerals and metals used in semiconductor manufacturing and military hardware, escalating tech and trade tensions between the two nations.

The blacklisting caused its stock to tumble 7.3 per cent by the end of trading on January 7, prompting the company to announce a substantial share buyback.