Though it is a common knowledge that the list will include U.S firms, and perhaps firms from countries that have since complied with U.S ban on Huawei and other Chinese firms.
The Commerce Ministry is going through relevant procedures, and will release the first batch of blacklisted entities soon, according to state-media China Central Television.
China has already established a system of "unreliable" entities, CCTV noted, adding the investigation will be "a warning to other foreign companies".
The US government has moved to curb Huawei's ability to sell equipment in the US and buy parts from American suppliers, potentially crippling one of China's most successful - but controversial - global companies.
The vague wording of the Chinese state media report opens the door for Beijing to target a broad swathe of the global tech industry - from U.S. giants like Alphabet Inc.'s Google, Qualcomm Inc. and Intel Corp. to even non-American suppliers that have cut off China's largest technology company. Two packages containing documents being shipped to the company in China from Japan were diverted to the USA without authorization, Reuters reported.
For now, China's Ministry of Commerce is declining to offer details about the "unreliable entities list", including how offenders will be punished.
The most recent round of negotiations earlier this month ended with no agreement, after Mr Trump more than doubled duties on 200 billion dollars (£158bn) in Chinese imports.
The tit-for-tat moves now involving lists come amid an intensifying trade war between the two countries.
Huawei relies heavily on USA components, including computer chips, and about one-third of its suppliers are American. Earlier this month, the Commerce Department officially placed Huawei on its "entity list", barring US companies from engaging in export trading with the company in an effort to cut off critical elements of Huawei's supply chain. Around 80% of USA rare earths imports is supplied by China.
Several countries are also considering banning Huawei gear from 5G wireless networks, amid USA lobbying that Huawei poses a security threat.