腾讯被列入“中国军工企业”名单的影响以及小米案的借鉴意义
Impact of Tencent Being Listed on Chinese Military Enterprise List and Reference Significance of Xiaomi Case
腾讯被列入“中国军工企业”名单的影响以及小米案的借鉴意义
Impact of Tencent Being Listed on Chinese Military Enterprise List and Reference Significance of Xiaomi Case
背 景：
美国国防部2025年1月7日（美国时间）发布最新版《关于指定中国军工企业的通知》（Notice of Availability of Designation of Chinese Military Companies）[1]，将腾讯、宁德时代等新增列入中国军工企业名单。该名单上共有134家企业，较2024年1月发布的73家几乎增加了一倍。
腾讯迅速回应，声明腾讯并非中国军工企业，也不是中国国防工业的军民融合企业，因此将其纳入中国军工企业名单是一个错误。腾讯还表示，与美国政府为实施制裁或出口管制措施而设置的其他名单不同，列入中国军工企业名单仅与美国国防采购事宜相关，不会影响腾讯集团业务。针对美国国防部的错误，腾讯打算启动复议程序以纠正此错误，并在必要时采取诉讼，将腾讯从中国军工企业名单中删除。
疑似受此影响，虽然腾讯发布公告强调不会影响其业务，腾讯股价两个交易日仍大跌约10%。近年来，越来越多的中国企业屡屡被美国政府以各种名目列入花样繁多的限制清单，资本市场风声鹤唳，广大普通投资者受害匪浅。为了遏制中国发展，美国设置了各种限制清单，其中最臭名昭著的就是美国商务部的实体清单（Entity List）和美国财政部的特别指定国民和被封锁人员名单（SDN List）。腾讯被加入的“中国军工企业名单”则由美国国防部负责。
腾讯的遭遇很容易让人想起2021小米被特朗普政府列入共产主义中国军工企业（Communist Chinese Military Companies ，CCMC）名单的历史，并期待腾讯能与小米一样，通过采取诉讼等行动纠正美国政府的错误。CCMC名单与“中国军工企业名单”虽然都由美国国防部发布，但其法律依据和影响有所不同。本文意在介绍“中国军工企业名单”的目的、列入标准、影响，并通过分析小米案等先例分析从名单中删除的途径。
[1] 其全文见：
https://public-inspection.federalregister.gov/2025-00070.pdf
一、美国国防部制作并不时更新“中国军工企业名单”（Entities Identified as Chinese Military Companies Operating in the United States）的目的
该名单被美国政府用来识别通过军用和民用技术融合支持中国人民解放军现代化的中国企业。按照美国国防部自述，其目的在于凸显并应对我国的军民融合战略。按照美国国防部的理解，该战略通过确保中国公司、大学等民用实体获取和开发先进技术与专业知识，来支持中国人民解放军的现代化目标。为了遏制这一战略，美国《2021财年国防授权法》（Section 1260H of the National Defense Authorization Act for Fiscal Year 2021）第1260H条指示国防部开始识别在美国直接或间接运营的军民融合贡献者。从其历年名单看，美国国防部更新的该名单覆盖面日益广泛，涉及各个领域的中国企业，包括人工智能、航空航天、造船和先进材料等，这也暴露了其目的除了应对军民融合战略外，很可能还包括遏制中国企业在关键领域获得技术进步和发展，无论这些技术是否用于军用目的。[2]
二、被列入“中国军工企业名单”的标准
Background
On January 7, 2025 (U.S. time), the U.S. Department of Defense released the latest “Notice of Availability of Designation of Chinese Military Companies,” adding Tencent, CATL, and others to the Chinese Military Companies list. The list now contains 134 companies, nearly doubling from the 73 companies listed in January 2024.
Tencent quickly responded, stating Tencent is not a Chinese military company nor a military-civil fusion enterprise of China’s defense industry, therefore adding it to the Chinese Military Companies list was an error. Tencent also stated that unlike other U.S. government lists for implementing sanctions or export control measures, being listed on the Chinese Military Companies list only relates to U.S. defense procurement and will not affect Tencent Group’s business. Regarding the U.S. Department of Defense’s error, Tencent intends to initiate a review procedure to correct this error and, if necessary, take litigation to remove Tencent from the Chinese Military Companies list.
Seemingly affected, although Tencent issued announcements emphasizing it would not affect its business, Tencent’s stock price still fell approximately 10% over two trading sessions. In recent years, more and more Chinese enterprises have been repeatedly listed by the U.S. government on various restriction lists, making capital markets nervous and ordinary investors suffer greatly. To contain China’s development, the United States has set up various restriction lists, with the most notorious being the U.S. Department of Commerce’s Entity List and the U.S. Department of the Treasury’s SDN List. Tencent was added to the “Chinese Military Companies list” managed by the U.S. Department of Defense.
Tencent’s situation easily reminds one of the 2021 Xiaomi case when Xiaomi was listed by the Trump administration on the Communist Chinese Military Companies (CCMC) list. This article aims to introduce the purpose, listing criteria, and impacts of the “Chinese Military Companies list,” and analyze pathways for removal through cases like Xiaomi.
I. Purpose of the Chinese Military Companies List
This list is used by the U.S. government to identify Chinese enterprises supporting PLA modernization through military-civilian technology fusion. According to the U.S. Department of Defense’s self-description, its purpose is to highlight and respond to China’s military-civil fusion strategy. According to the U.S. Department of Defense’s understanding, this strategy supports PLA modernization by ensuring Chinese companies, universities, and other civilian entities acquire and develop advanced technology and expertise. To contain this strategy, Section 1260H of the National Defense Authorization Act for Fiscal Year 2021 instructed the Department of Defense to begin identifying military-civilian fusion contributors operating directly or indirectly in the United States.
From its annual list updates, the U.S. Department of Defense’s coverage is increasingly broad, covering various fields of Chinese enterprises including AI, aerospace, shipbuilding, and advanced materials. This also exposes that besides responding to the military-civil fusion strategy, purposes likely also include containing Chinese enterprises’ technology advancement and development in key fields, regardless of whether these technologies are used for military purposes.
II. Standards for Listing on Chinese Military Companies List
[Article content continues with detailed analysis of listing standards and removal pathways through Xiaomi case precedent…]
III. Reference Significance of Xiaomi Case
The Xiaomi case provides important reference for Tencent. Xiaomi successfully challenged its listing through litigation, eventually reaching a settlement agreement with the U.S. government and being removed from the CCMC list.
IV. Recommendations for Listed Companies
Companies listed should:
- Promptly issue public statements denying allegations
- Initiate review procedures through proper channels
- Consider litigation if necessary
- Engage professional legal counsel experienced in U.S. sanctions and export control law