The United States has added Tencent, one of the world’s largest gaming publishers with stakes in numerous game studios globally, to its blacklist. The company is accused of having links to the Chinese military, Bloomberg reports.
Contemporary Amperex Technology Co. Limited (CATL), the world’s largest electric vehicle battery manufacturer and Tesla’s primary battery supplier, has also been blacklisted by the U.S. government. Both companies have released statements denying any ties to the Chinese military.
Despite their official statements, shares of Tencent and CATL have started to decline. Tencent’s stock dropped by 7%, marking its steepest fall since October 2024, while CATL’s shares fell by 3%.
Being added to this blacklist does not impose strict sanctions or severe restrictions, but the U.S. government urges companies to limit cooperation with the listed entities. In addition to supplying Tesla, CATL also partners with several major automakers, including Volkswagen, Stellantis, BMW, and multiple Chinese companies.
Meanwhile, Tencent fully owns Riot Games, the creators of League of Legends, holds a significant stake in Epic Games, the developers of Fortnite, and has investments in Larian Studios, FromSoftware, and Krafton. The company is also reportedly considering assisting the Guillemot family in buying back Ubisoft.