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.

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

The U.S. Defense Department has added dozens of Chinese companies, including games and technology company Tencent, artificial intelligence firm SenseTime and the world's biggest battery maker CATL, to a 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.

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