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.

Tencent executed its largest share buyback since 2006, acquiring HK$1.5 billion worth of shares to counter the fallout from a US blacklist.

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.

While the Chinese internet giant Tencent is best known for its super app WeChat, it’s also a major investor in U.S. tech companies and startups. Some of

The U.S. Defense Department has added major Chinese technology companies including gaming and technology company Tencent, artificial intelligence firm SenseTime and the world’s biggest battery maker CATL to its list of companies it says have ties to China’s military.

Tencent Holdings Limited, the parent company of Tencent Games, is now considered a Chinese military company by the United States government.