The U.S. government is expected to allow Americans to continue to invest in Chinese technology giant Alibaba Group Holdings Limited company
Baba 5.07%
, Tencent Holdings Limited company
TCEHY 3.19%
Baidu the company
Start -0.88%
After weighing the relationship between these companies and the Chinese military and the potential economic impact of banning them.
People familiar with the matter said that Alibaba and Baidu, which are listed in New York, and Tencent, which is listed in Hong Kong, are included in the list of ten companies of the Ministry of National Defense. These companies are seen as supporting China̵
The United States no longer plans to add these three companies to the list. People familiar with the matter said that nine other Chinese companies will be added, as well as more than 100 subsidiaries of companies already on the list.
The decision ended a week-long battle, causing US Treasury officials worried about the fiscal crisis to compete with State Department and Pentagon officials for a hard line against Beijing. People familiar with the matter said that until Wednesday morning, many people in the State Department and the Pentagon believed that once the administrative dispute was resolved, they would have reason to include these companies.
In the end, Treasury Secretary Steven Mnuchin (Steven Mnuchin) won.
Two people familiar with the matter said that the supplements on the list will be submitted to Congress and released as soon as possible on Wednesday.
Representatives of the State, Ministry of Defense and Finance, and representatives of Alibaba, Tencent and Baidu did not immediately comment on the decision.
Write to Jing Yang (Jing.Yang@wsj.com), Lawn Lim (Lawn Lim) at awn.lim@wsj.com and Gordon Lubold at Gordon (Gordon.Lubold@wsj.com)
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