IDG Capital to rebut US claims over China military ties -Bloomberg News

YANG MING MARINE TRANSPORT

07/02/2024 24:02

Feb 6 (Reuters) - Chinese venture capital firm IDG
Capital is working to clear up confusion over its inclusion on a
U.S. Department of Defense list of companies with ties to
Chinese military, Bloomberg News reported on Tuesday.
    IDG was not aware its name was included on the list,
prompting the firm to seek clarification and redress, the report
added. 
    The company did not immediately respond to a Reuters'
request for comment.
    Last week, more than a dozen Chinese companies to a list
created by U.S. to highlight firms allegedly working with
Beijing's military.
    While being placed on the list doesn't involve immediate
bans, it can be a blow to designated companies' reputations and
represents a stark warning to U.S. entities and companies about
the risks of conducting business with them while adding pressure
on the Treasury Department to sanction them. 
    Firms including memory chip maker YMTC, artificial
intelligence company Megvii, lidar maker Hesai Technology
, HSAI.O  and tech company NetPosa are on the list.

 (Reporting by Angela Christy in Bengaluru; Editing by Lincoln
Feast.)
 ((AngelaChristy.M@thomsonreuters.com;))