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TENCENT HOLDINGS LIMITED

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Tencent : U.S. Commerce Department rescinds TikTok, WeChat prohibited transactions list

06/22/2021 | 04:41am EDT
FILE PHOTO: A 3D printed Tik Tok logo is seen in front of U.S. flag in this illustration

WASHINGTON (Reuters) - The U.S Commerce Department said Monday it was rescinding a list of prohibited transactions with TikTok and WeChat that were issued in September as the Trump administration sought to block new U.S. downloads of both Chinese-owned apps.

The withdrawals came after President Joe Biden this month withdrew a series of Trump-era executive orders that sought to ban new downloads of Tencent-owned WeChat and TikTok, and ordered a Commerce Department review of security concerns posed by those apps and others.

During Donald Trump's presidency, the Commerce Department had also sought to ban other transactions that would have effectively banned WeChat's use in the United States and later sought similar restrictions that would have barred TikTok's use.

The department did not immediately comment.

China's foreign ministry described the move as "a positive step."

"China has been urging the U.S. side to respect market economy principles and international trade rules, to immediately stop stretching the concept of national security and stop wantonly abusing state power to suppress China's tech companies," spokesman Zhai Lijian said on Tuesday in Beijing.

The Biden order directed the Commerce Department to monitor software applications like TikTok that could affect U.S. national security, as well as to make recommendations within 120 days to protect U.S. data acquired or accessible by companies controlled by foreign adversaries.

WeChat, which has been downloaded at least 19 million times by U.S. users, is widely used as a medium for services, games and payments.

Biden's executive order revokes the WeChat and TikTok orders Trump issued in August, along with another in January that targeted eight other communications and financial technology software applications.

The January Trump order directed officials to ban transactions with eight Chinese apps, including Ant Group's Alipay and Tencent's QQ Wallet and WeChat pay. No bans have been issued to date.

The Trump administration had appealed judicial orders blocking the bans on TikTok and WeChat, but after Biden took office in January, the U.S. Justice Department asked to pause the appeals.

A separate U.S. national security review of TikTok, launched in late 2019, remains active.

(Reporting by David Shepardson; additional reporting by Cate Cadell in Beijing, Editing by Nick Zieminski and Timothy Heritage)

By David Shepardson


ę Reuters 2021
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Financials
Sales 2021 588 B 91 042 M 91 042 M
Net income 2021 148 B 22 884 M 22 884 M
Net cash 2021 117 B 18 063 M 18 063 M
P/E ratio 2021 31,2x
Yield 2021 0,34%
Capitalization 4 521 B 582 B 700 B
EV / Sales 2021 7,49x
EV / Sales 2022 6,10x
Nbr of Employees 89 228
Free-Float 62,4%
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Number of Analysts 52
Last Close Price 475,00 CNY
Average target price 605,87 CNY
Spread / Average Target 27,6%
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Managers and Directors
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
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