not long after India banned 118 mobile apps, including the popular Players’ Unknown’s Battle Ground (PUBG) Mobile, shares of Chinese gaming and social media powerhouse Tencent fell more than 2% on Thursday.
The value of stock traded 2.2% lower with a price of HK$534 or 5,065 INR in the evening, on track to snap two straight sessions of gain.
The list of 118 mostly Chinese apps also includes those from Baidu and Xiaomi’s ShareSave, as India stepped up pressure on Chinese technology firms following a standoff with Beijing at the border.
A day after India’s decision came to ban Chinese apps, China’s commerce ministry on Thursday said that it strongly opposed the decision, claiming that it violates the ‘legal interests’ of Chinese investors.
“Indian actions violate the legal interests of Chinese investors and services providers and China asks India to correct its mistakes,” commerce ministry spokesman Gao Feng stated.
The Indian government on the ban said that it was in view of the information available that they are engaged in activities that are prejudicial to the sovereignty and integrity of India and the security of the state. The decision came amid border tensions with China in eastern Ladakh.
Earlier In June, India had banned 59 China-linked mobile apps including Bytedance’s TikTok, Alibaba’s UC Browser, and Tencent’s WeChat as well as the QQ’s Services citing security concerns. Almost all the apps banned had some preferential Chinese interest and the majority had parent Chinese companies.