Tencent faces a major crisis as the US blacklists it over alleged Chinese military links, causing a stock plunge. This also affects Riot Games.

The US blacklisted Tencent and CATL for alleged links to the Chinese military, impacting major gaming and EV sectors. Both companies denied military ties.

A staff member cleans a display showing the locations of battery maker CATL's production bases, at the CATL booth during the first China International Supply Chain Expo (CISCE) in Beijing, China November 28,

In a statement to investors, Tencent chairman Ma Huateng called the decision a “mistake,” but also doesn’t expect it to affect the business. Tencent currently operates TiMi

The Defense Department added video game maker Tencent Holdings to its "blacklist" of companies doing business in the U.S. while allegedly aiding the Chinese military.

The United States has labeled additional Chinese tech and social media firms as Beijing military companies, including multimedia firm Tencent and battery maker Contemporary Amperex Technology, better known as CATL.

The gaming and social media group, which owns ubiquitous Chinese messaging app WeChat, was added to a list of dozens of companies the defence department considers to be working with the Chinese military directly or indirectly,