Tencent Holdings Ltd., China’s tech giant and social media behemoth, is navigating turbulent waters following its inclusion on a list over alleged ties to the Chinese military. This action has triggerred a sharp selloff of its stock.

Chinese tech giant Tencent has denied allegations of being a Chinese military company or a military-civil fusion contributor, as claimed by the US Department of Defense

China’s largest public company by market capitalization spent the equivalent of about $193.3 million to buy back 4.05 million shares on Wednesday.

Tencent Holdings Ltd. repurchased the most shares in nearly two decades after a selloff sparked by the tech firm’s addition to a US blacklist for alleged links to the Chinese military.