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About: http://data.cimple.eu/news-article/897e2bf0d17208590fe276c0c2e57ae55c2b9651dae604a82fe35be9 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Shares in the parent of Chinese social media giant WeChat tanked in Hong Kong on Friday after Donald Trump signed an executive order banning Americans from doing business with the platform. Tencent plunged as much as 10 percent in morning trade before paring losses and ending down 5.04 percent at HK$527.50, dragging the broader Hang Seng Index down 1.6 percent. The sweeping restrictions on the firm, which, according to an executive order, come into effect in 45 days, also cover ByteDance, the owner of popular app TikTok. More than US$30 billion was wiped off Tencent's market capitalisation by the end of the day, with the firm having surged about 70 percent since March as global tech titans benefited from stay-at-home orders aimed at containing the coronavirus. The move adds to a laundry list of issues that have ratcheted up tensions between the superpowers, including Hong Kong, Huawei and the spread of the virus. "The US government is expected to follow up with more measures targeting Tencent," Steven Leung, at UOB Kay Hian (Hong Kong), said. "Tencent's overseas expansion map now looks a bit uncertain, since some M&A deals, especially if its targets are based in the US, will face challenges." WeChat, known as "weixin" or micro-message in Chinese, has grown to become ubiquitous in daily life across China since its 2011 launch and has more than a billion monthly users, who can also use it to hail rides and make payments. The move rippled around Asian markets, with investors concerned about increasingly bitter relations between the economic titans that some fear could lead to a renewal of their painful trade war. "This is yet another watershed moment in the US-China technology cold war," Paul Triolo, head of global technology policy at Eurasia Group, told Bloomberg. "It shows the depth of the US concern." Officials from both sides are due to meet next Saturday to review a trade deal signed earlier this year. "Apart from the obvious fallout to Tencent and ByteDance, Washington DC's moves are sure to ratchet up geopolitical tensions with Beijing once again," said OANDA's Jeffrey Halley. -- Bloomberg News contributed to this story -- dan/hg
schema:headline	Shares in WeChat parent plunge after Trump issues ban order
schema:mentions	Market capitalization 45 Days Drainage basin Computer virus Trade war Bloomberg L.P. Huawei Applied Digital Data Systems Executive Order 13769 Asia University of Washington DC Comics TikTok Hong Kong Social media China Coronavirus Donald Trump Socket wrench Eurasia Group Mergers and acquisitions Halley's Comet ByteDance Tencent WeChat Hang Seng Index The Move Government of China
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-08-07 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	76 (xsd:integer)
http://data.cimple...tology#hasEmotion	anger

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