Chinese internet giant Tencent’s shares slumped sharply on Tuesday after the company was added to a Pentagon blacklist for its alleged links with the Chinese military, prompting criticism from authorities in Beijing and denial by the company.

The Defense Department has added dozens of Chinese firms to a list of companies that are prohibited from working with the Pentagon and defense industry due to their alleged ties with China’s military,

Tencent may be the biggest video game corporation in the world, but as of a Jan. 7, it’s also one of several Chinese firms to be labeled a “military company” by the United States Department of Defense. In a statement to investors, Tencent chairman Ma Huateng called the decision a “mistake,” but also doesn’t expect it to affect the business.