Bloomberg with the headlines
I think that was pretty clear from the onset already but this is just to add further clarification, in case some market participants think it is worse than it is.
The order on WeChat is weighing on Tencent shares, which are down by 6.5% at the lunch break and that is seeing the Hang Seng down by 2.3%. The headlines from earlier:
- Trump has signed an executive order on ByteDance to divest TikTok
- Trump signs executive order to address threat of WeChat
The White House text that is sparking a bit of confusion surrounding the situation:
To deal with this threat, the order prohibits, beginning 45 days after the date of the order, to the extent permitted under applicable law, any transaction that is related to WeChat by any person, or with respect to any property, subject to the jurisdiction of the United States, with Tencent Holdings Ltd. (a.k.a. Téngxùn Kònggǔ Yǒuxiàn Gōngsī), Shenzhen, China, or any subsidiary of that entity, as identified by the Secretary of Commerce (Secretary) under section 1(c) of this order. The Secretary will identify the transactions subject to this prohibition 45 days after the date of the order.
