Alibaba and Baidu trade on the Nasdaq, while Tencent is listed in Hong Kong where Alibaba also has a secondary listing. - Reuters
NEW YORK (Bloomberg): US officials deliberated but ultimately decided against banning American investment in Alibaba Group Holdin and Tencent Holdings, a person familiar with the discussions said, removing a cloud of uncertainty over Asia’s two biggest corporations.
The Treasury Department blocked a Pentagon effort to add the two internet firms on grounds they aided the military, the person said, asking not to be identified discussing private talks. Officials also debated blocking search leader Baidu but dropped the plan, the person added. Alibaba’s US-listed shares rose 4.3 per cent while Tencent’s American Depositary Receipts climbed 2.9 per cent on news of the reprieve, which was first reported by the Wall Street Journal.
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