FT: US to Blacklist More Chinese Firms

The shares of Chinese health, and technology firms harshly dropped on Wednesday after a report published by the Financial Times (FT) expressed the blacklisting of more Chinese firms by the US.

Citing two sources, the FT report described that eight companies will be added to the blacklist, including world famed drone producer Co Ltd.

Moreover, the US Commerce Department will add more than "two-dozen" Chinese corporations, Reuters reported.

The FT report asserted that the reason for this move by the US Treasury Department is their "alleged" interference in China- Uyghur conflicts.

It is worthy to mention thatt he US Commerce Department announced last April the blacklisting of more seven Chinese entities due to national security concerns.

The Chinese blacklisted corporations accused of “building supercomputers used by China’s military actors, its destabilizing military modernization efforts, and/or weapons of mass destruction programs,” the statement added.

The statement contained a comment by the Secretary of Commerce Gina Raimondo. She explained: “Supercomputing capabilities are vital for the development of many – perhaps almost all – modern weapons and national security systems, such as nuclear weapons and hypersonic weapons.”