HONG KONG/NEW YORK -- Tencent Holdings told investors that an imminent U.S. crackdown will have minimal impact on its revenues, after a surprise executive order from President Donald Trump last week wiped tens of billions of dollars off the Chinese tech giant's market capitalization.
Trump's order, which would ban American transactions with Tencent's superapp WeChat by Sept. 15, will not affect its China business because the U.S. accounts for only a small fraction of the group's top line, executives said Wednesday on an earnings call.
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