Tencent Surges After U.S. Court Upholds Stay on WeChat Ban
- Trump administration loses bid to pause judge’s Sept. 19 order
- Tencent rises to an intraday record after the court’s decision
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The Trump administration lost a bid to enforce its prohibitions against the Chinese-owned “super app” WeChat in the U.S. after appealing a judge’s ruling that the ban probably violates the free-speech rights of its users.
Upholding a trial judge, the U.S. Court of Appeals in San Francisco on Monday rejected the administration’s request for a stay of the preliminary injunction that prevents the administration from enforcing a wide range of measures, including barring the app from Apple and Google’s app stores for U.S. downloads, over purported national security concerns. Shares of WeChat owner Tencent Holdings Ltd. jumped as much as 3.1%, the most in two weeks, on Tuesday to an intraday record in Hong Kong trading.