The Pentagon concluded that Alibaba (BABA), Baidu (BIDU) and BYD (BYDDF) should be added to a list of companies that aid the Chinese military, according to a letter to Congress sent roughly three weeks before Donald Trump and Xi Jinping agreed to a broad trade truce, Bloomberg’s Anthony Capaccio reports. Deputy Defense Secretary Stephen Feinberg informed lawmakers of the conclusion in the Oct. 7 letter, a copy of which was seen by Bloomberg News, to the heads of the House and Senate Armed Services Committees. It wasn’t clear whether the companies have been formally included in the Pentagon’s so-called 1260H list, which carries no direct legal repercussions but serves as a major warning to U.S. investors, the author adds.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BABA:
- Alibaba price target lowered to $188 from $200 at BofA
- Alibaba’s Growth Potential: Strong Alicloud Performance and AI Innovation Amid Macroeconomic Challenges
- Alibaba’s Strong Cloud Growth and Quick Commerce Synergies Drive Buy Rating
- Alibaba price target lowered to $230 from $240 at JPMorgan
- Alibaba price target lowered to $190 from $200 at Bernstein