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TENCENT Plans to Initiate Reconsideration Process to Correct Mistake from Inclusion into US CMC List
Recommend 11 Positive 33 Negative 18 |
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TENCENT (00700.HK) noted that the US Department of Defense has scheduled to publish the Notice of Availability of Designation of Chinese Military Companies today (7th), according to TENCENT's announcement. Pursuant to the Notice, the Deputy Secretary of Defense has included the Company into the list of Chinese Military Companies (the CMC List). As the Company is neither a Chinese military company nor a military-civil fusion contributor to the Chinese defense industrial base, TENCENT believed that its inclusion in the CMC List is a mistake. 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 Group's business. The CMC List is also distinct from the Non-SDN-Chinese Military-Industrial Complex List (NS-CMIC List) maintained by the US Office of Foreign Assets Control, and inclusion in the CMIC List will not prohibit any persons (other than the Department of Defense) from business dealings with the Company, including transacting in the securities of the Company, the Group added. TENCENT intended to initiate a Reconsideration Process to correct this mistake. During the process, the Company will engage in discussions with the US Department of Defense to resolve any misunderstandings, and if necessary, will undertake legal proceedings to remove the Company from the CMC List. AAStocks Financial News |
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