Alibaba, Tencent and Baidu spared from US investor blacklist

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inversezone.com, Jan. 13, 2021 – 

The US Treasury has blocked an attempt by the Pentagon and the State Department to blacklist some of China's biggest tech companies that would have banned US investors from owning their shares.

The Pentagon and the State Department had gone to great lengths to add Alibaba, Tencent and Baidu to a list of Chinese companies which the Defense Department said have ties to the Chinese military.

But according to three people familiar with the situation, Treasury Secretary Steven Mnuchin won in a battle with Mike Pompeo, the hawkish Secretary of State, and Chris Miller, the Secretary of Defense.

President Donald Trump signed an executive order in November banning Americans from investing in Chinese companies linked to the People's Liberation Army. His administration later clarified that the banned targets would be taken from a list of Chinese groups linked to the PLA. The Pentagon had been forced to produce the list by Congress.

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