U.S. considering adding Alibaba, Tencent to China investment ban

U.S. considering adding Alibaba, Tencent to China investment ban”

"I stand with President Trump's commitment to protecting the privacy and security of Americans from threats posed by the Chinese Communist Party", Commerce Secretary Wilbur Ross said in a statement on the order. Alibaba's USA -listed shares rose 5.5 per cent over the Tuesday session and closed at $240.40 each.

"There is no systemic risk in China's financial system", said Ma, according to The Wall Street Journal. Some investors expressed skepticism, however, that Alibaba and Tencent would face long-term restrictions - given that they are worth a combined $1.3 trillion, widely held by United States investors and the likely reputational and financial hit to U.S. stock markets. However, if the reports hold any merit, it will be disastrous to Alibaba and Tencent, which rely heavily on global investors.

Both Alibaba and Tencent's stocks also fell on Wednesday in NY, where the companies have a combined market capitalisation of over $1.3tn.

The government intervened in Ant Group's $35 billion IPO, and also launched an investigation into his company for anti-competitive practices.

Inc. sank 3.8% in Hong Kong, following a 7.7% drop in its ADRs. His executive order banning Alipay, WeChat and others from any transactions in the US will only be effective 43 days from now, well into Biden's first 90 days.

Beijing will take unspecified necessary measures to protect Chinese companies, Hua said, repeating a government statement made following previous USA sanctions announcements.

China's government on Wednesday accused Washington of misusing national security as an excuse to hurt commercial competitors after President Donald Trump signed an order banning transactions with payment services Alipay and WeChat Pay and six other apps.

While Tencent's overall investment strategy has remained consistent - a diversifying portfolio with a focus on digital entertainment - it has quietly stepped up efforts in areas outside its main gaming arena. The NYSE originally on December 31 announced plans to delist China Mobile Ltd, China Telecom Corp Ltd and China Unicom Hong Kong Ltd.

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Those and this week's order take effect after President-elect Joe Biden is due to be sworn in January 20, leaving open the question of whether the government will go ahead with it.

The stock exchange chose to go ahead and delist them after U.S. Treasury Secretary Steven T. Mnuchin disagreed with its earlier shock decision to give the companies a reprieve. It allows USA authorities to remove foreign firms from stock exchanges if they fail to comply with US audit rules for three years.

How will a potential ban affect Alibaba and Tencent?

Shares in Alibaba and Tencent sank following a report that the Trump administration could prevent U.S. investment into the Chinese tech groups, risking a severe escalation in tensions between Washington and Beijing.

Recently, a piece of news hit the world which stated that the business tycoon Jack Ma has been missing and has not been seen in public since October 2020.

The companies said they had strictly followed laws, regulations, market rules and regulatory requirements since their original listings, which took place between 1997 and 2002, and two of the three said the NYSE's multiple policy changes had hurt the companies and their shareholders.

However, Tencent is "not as aggressive" as Ant when it comes to cementing its position in the Chinese financial market, according to TechCrunch, the person involved with Tencent's offshore fintech business. Closer scrutiny of mergers and acquisitions could add uncertainty over the growth of large internet firms within China.

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