Alibaba, Tencent stocks plunge amid ongoing US crusade on investment in Chinese firms

Trump turns up the heat on Beijing banning Alipay & seven other Chinese apps The drop in Alibaba and Tencent shares came shortly after the Wall Street Journal and Reuters reported that they could end up on the US investment blacklist. The ban, that has already targeted more than 30 Chinese companies, prohibits American investors from funding the listed firms over their alleged military ties. Expansion of the list is being discussed by the State Department, Department of Defense and the Treasury Department, according to the WSJ report citing people familiar with the matter. The Treasury has reportedly voiced concerns…