Shares of Hong Kong-listed Tencent plunged nearly 7% by Friday afternoon after U.S. President Donald Trump issued executive orders targeting Chinese apps WeChat and TikTok.
The Hang Seng Tech index, which tracks the 30 largest technology companies listed in Hong Kong that pass the screening criteria, also fell 4.69%. In mainland China, the Nasdaq-style Chinext Composite slipped 2.449%
Trump on Thursday issued executive orders banning any U.S. transactions with Chinese tech firms Tencent and ByteDance. The ban will take effectThe repercussions of Trump's order on Tencent may ring beyond just WeChat, China's most popular messaging app. The Chinese tech juggernaut is also a titna in the video gaming space, with stakes in companies such as Activision Blizzard and Riot Games .
The latest development comes as tensions between Beijing and Washington ratchet up, with prior tit-for-tat moves taken by both parties such as theU.S.
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