Tencent shares slump 23%
August 2, 2021
By Chris Forrester
China’s tough crackdown on certain technology sectors, including Jack Ma’s Alibaba and Tencent, has resulted in Tencent being the world’s worst stock-market performer.
Tencent lost 23 per cent of its value in July, wiping out some Rand 2.5 trillion (€143bn) of market value.
Nine of the top ten losers in market value during July were Chinese businesses including the Alibaba Group and Meituan. The global sell-off in its shares has intensified in recent days after Beijing broadened the regulatory clampdown to include other once high-flying industries such as private education.
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