Chinese web giant Tencent was added to a U.S. list of military-linked firms, spooking investors and triggering as much as a 7% plunge in its Hong Kong-listed shares.

This could be the start of a saga to rival TikTok’s troubles, and embroil Tesla and Microsoft The US Department of Defense has added Chinese messaging and gaming Tencent to its list of “Chinese military company”,

The Pentagon has designated two major high-profile tech companies — Tencent and CATL — as Chinese military companies operating in the US.