![]() Alibaba and Tencent shares rose more than 2% on Wednesday in Hong Kong. Starbucks Corp., for example, allows customers to pay with WeChat Pay in China. It’s not clear whether the order could be applied to transactions outside the U.S. Apps like WeChat and Alipay have their biggest customer base in greater China and the number of users in the U.S. The immediate impact is likely to be limited. But Biden could also pause or erase the policy upon taking office. The order is likely to face legal challenges similar to those mounted against the president’s prior efforts to force the sale of TikTok from China’s ByteDance Ltd. ![]() Its actions only harm American consumers, Foreign Ministry spokeswoman Hua Chunying told a daily briefing in Beijing on Wednesday. The executive order, which directed the Commerce Department to draft rules outlining which payments and transactions will be outlawed, will hit Tencent’s QQ, QQ Wallet and WeChat Pay as well as lesser-known apps CamScanner, SHAREit, VMate and WPS Office. Trump’s 11th-hour move again threatens to snarl relations between the world’s two largest economies, which have clashed over everything from the pandemic to Hong Kong. It deals another blow to Ant co-founder Jack Ma, who hasn’t been seen in public since Chinese regulators halted Ant’s $35 billion IPO and launched an antitrust probe into Alibaba Group Holding Ltd. The order is the outgoing administration’s latest bid to use national security powers against China’s largest companies, but it will be up to President-elect Joe Biden to decide whether to enforce the policy. transactions with eight Chinese apps including Ant Group Co.’s Alipay and Tencent Holdings Ltd.’s digital wallets, riling Beijing days before he’s slated to leave office. President Donald Trump signed an order banning U.S.
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