Hong Kong (CNN Business) Shares in Chinese surveillance company Hikvision plunged on Wednesday, following a report that the Trump administration is mulling slapping it with a US export ban.

Hikvision stock plummeted the daily limit of 10% during early morning trading in Shenzhen. It recovered some of those losses to close about 6% lower.

the United States is considering placing the Chinese surveillance technology firm on a trade blacklist, citing people familiar with the matter. The drop came after the New York Times reported thatthe United States is considering placing the Chinese surveillance technology firm on a trade blacklist, citing people familiar with the matter.

The move would be Washington's latest attempt to curb Beijing's tech ambitions, and a further escalation of the US-China trade war.

"Hikvision takes these concerns very seriously and has engaged with the US government regarding all of this since last October," a company spokesperson said in a statement on Wednesday.

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