While the Chinese internet giant Tencent is best known for its super app WeChat, it’s also a major investor in U.S. tech companies and startups. Some of

Chinese web giant Tencent was added to a U.S. list of military-linked firms, spooking investors and triggering as much as a 7% plunge in its Hong Kong-listed shares.

The U.S. Defense Department has updated its list of Chinese companies allegedly linked to the People's Liberation Army (PLA). The most notable new names on the list are memory maker Changxin Memory Technologies (CXMT), battery maker CATL, and cloud and gaming giant Tencent, reports Nikkei.

Citigroup analyst Alicia Yap reiterated a "buy" rating and "top pick status" on Tencent, according to Business Insider. She wrote in a research report that Tencent's growth outlook and fundamentals are sound. She sees the selloff as an "enhanced buying opportunity" and has a HK$573 price target on the share.

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,

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,