MARKET WRAP: Naspers drags JSE lower
US adds Tencent, in which Naspers holds nearly 25%, to list of firms allegedly tied to China’s military
07 January 2025 - 19:56
Naspers, the JSE’s largest company by market capitalisation, led the JSE lower on Tuesday after the US defence department added Tencent, in which Naspers holds a nearly 25% stake, to a list of companies allegedly tied to China’s military.
The move sparked concerns over potential restrictions on advanced technology sharing, including semiconductors and artificial intelligence, deemed a threat to US national security. Tencent’s Hong Kong-traded shares plummeted 7.3% as the company vowed to contest the decision...
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