Hong Kong stocks slumped to the lowest level in two month amid concerns more US curbs on China’s biggest technology companies will heighten geopolitical tensions and roil markets.

The Hang Seng Index slumped 1.9% to 19,311.13 at 10.53am local time, dragging the benchmark down to the level last seen on November 27. The Tech Index dropped 2.2%, while the Shanghai Composite Index fell 0.4%. The Nasdaq Golden Dragon Index, which tracks US-listed Chinese stocks, tumbled 1.2% overnight.

WeChat operator Tencent Holdings slumped 7% to HK$381.50, the biggest slide since October 8 and tracking its 7.6 per cent slump in New York. Xiaomi slipped 5.2% to HK$34.20. Li Auto lost 2.7%, leading losses among electric-vehicle makers.

E-commerce company JD.com fell 1.8%, while Alibaba fell 1.5%.

The Department of Defense added WeChat operator Tencent Holdings, CATL and Cosco Shipping among additional dozens of “Chinese military entities” in the Federal Register, according to a supplementary list published on January 7.

The register does not have the effect of a trade ban and companies can ask to be removed from the list. President-elect Donald Trump, who ordered a ban on American investments in such entities in 2020, will return to the White House on January 20.