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US-China tensions

China softens blow of U.S. sanctions on military companies

State-backed funds strengthen targeted sector ahead of Friday deadline

Soldiers of the People's Liberation Army march outside the Great Hall of the People in Beijing in September 2020.   © Reuters

HONG KONG -- With all U.S. citizens and entities forbidden from investing China's military-industrial companies by Friday, Beijing has mobilized state funds and its capital market to cushion the potential fallout.

One of these blacklisted companies, CloudWalk Technology, an artificial intelligence solution provider, debuted on the Shanghai STAR Market last week. The company raised 1.72 billion yuan ($258 million) from a new share issuance prior to its Friday listing, drawing from domestic investors.

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