【明報專訊】AMID the intense struggle between China and the US, Tencent, whose primary businesses are gaming, social media and mobile payments, has been added to the "list of Chinese military companies" by the US without rhyme or reason.
Since 2021, the US Department of Defense has been mandated by Congress to identify Chinese military enterprises that are operating directly or indirectly in the US based on the "latest information" and submit annual reports to it. A US company that collaborates with Chinese companies on the list might not be able to obtain contracts from the Department of Defense in the future.
On Monday this week (6 January), the US updated the list of a total of 134 Chinese companies. They include China COSCO Shipping Corporation Limited, one of the world's largest shipping companies; chip manufacturer ChangXin Memory Technologies; and drone manufacturer Autel Robotics. Among the companies newly added to the list, Tencent and CATL, the two mainland technology giants, have attracted the most attention. The two companies' shares nosedived at the news. Tencent and CATL stressed that they have not engaged in any military-related activities and that their inclusion on the list was a mistake. The US claims that the listed companies are those entities that "possess both military and commercial technologies" and operate within the US.
Tencent is neither a military enterprise nor a supplier. CATL is a new energy company. Early last year, US automobile giant Ford Motor announced a partnership with CATL to build a car battery plant in Michigan. Unexpectedly, it touched the raw nerve of some anti-China politicians, who opposed the introduction of Chinese technology.
In theory, the "list of Chinese military companies" is merely a reminder for American companies to be aware of risks. It does not involve immediate sanctions or a ban on American investment. Companies on the list can also appeal for their inclusion. However, given the current political atmosphere in the US, the US Department of Treasury may feel pressure to follow suit if the Department of Defense acts. The risk of sanctions faced by the designated Chinese companies might heighten. Tencent's share price tumble reflects this concern.
Of course, Chinese technology companies such as Tencent are giants in their own right. The US's shenanigans might bring disruptions to the company, but they are unlikely to affect its development. In the latest quarterly results announced by Tencent, its operating performance mostly beat market expectations, and the company's share buyback has completely offset the impact of the offloading of shares by Prosus, a subsidiary of Naspers, which is Tencent's major shareholder from South Africa.
Furthermore, Apple is having talks with Tencent and ByteDance about the launch of AI services in mainland China. Citigroup, a major US bank, has also said that although the list of Chinese military companies saga has triggered a panic reaction in the market and affected its share performance, it will not hinder Tencent's growth prospects.
To maintain its hegemony, the US will not stop suppressing Chinese technology companies. However, the reality over the past few years has shown that Chinese technology giants are not that easy to topple. Huawei is the best example. Washington's suppression of China's technological development will only spur China to accelerate its technological innovation and achieve self-reliance and strength.
明報社評 2025.01.09：騰訊列「軍企」荒謬絕倫 美國打壓無阻中國自強
中美角力激烈，業務以遊戲、社媒及移動支付為主的騰訊，居然也被美方列入「中國軍工企業名單」。
2021年起，美國國防部按國會要求，根據「最新資訊」，識別在美國直接或間接活動的中國軍工企業，並向國會呈交年報，美國公司若與名單上的中國企業合作，可能會令它們今後無法獲得國防部的合同。
本周一，美方更新名單，「榜上有名」的中國企業合共134家，包括全球最大航運公司之一的中國遠洋海運集團、晶片製造商長鑫存儲，以及無人機製造商道通智能等。最新納入名單的公司中，以騰訊和寧德時代這兩間內地科技巨頭最受注目，消息一出，兩家公司股價應聲大跌。騰訊和寧德時代強調沒有參與任何軍事相關活動，列入清單是錯誤。根據美方說法，名單上的公司，皆是「同時擁有軍事和商業技術」的實體，並在美國境內有業務營運。
騰訊既非軍工企業，也不是軍工供應商；寧德時代則是新能源公司，去年初美國汽車巨頭福特車廠還宣布與寧德時代合作，在密歇根州建造汽車電池工廠，未料觸動到一些反華政客神經，反對引進中國技術。
理論上，「中國軍工企業名單」只是提醒美國企業注意風險，不涉即時制裁或禁止美國人投資，名單上的公司也可以提出申訴，然而以現時美國的政治氛圍，倘若國防部有所行動，財政部也有跟進壓力，列入名單的中國企業面臨的制裁風險有可能增加，騰訊股價大挫，反映的正是這一憂慮。
當然，騰訊等中國科企巨頭，有的是實力，美方的小動作雖然構成滋擾，但不足以影響公司發展。騰訊早前公布的季度業績，營運表現普遍優於市場預期，公司回購力度也完全抵消了南非大股東Naspers旗下Prosus減持的影響。
另外，蘋果也在跟騰訊及字節跳動洽商，在內地推出人工智能服務。美國大行花旗亦稱，軍工企業名單風波雖然觸發市場恐慌反應，影響股價表現，但這無礙騰訊增長前景。
美國為保霸權，打壓中國科企不會罷手，然而過去數年現實發展證明，中國科企巨頭並非這麼輕易就會被扳倒，華為正是最佳例子。華府打壓中國科技發展，只會驅使中國加緊推動科技創新，實現自立自強。
/ Glossary生字 /
without rhyme or reason：to be without any obvious reasonable explanation
nosedive：a sudden steep fall or drop; a situation where sth suddenly becomes worse or begins to fail
touch a raw nerve：to mention a subject that makes sb feel angry, upset, embarrassed, etc