Tencent Extends Drop From Record to 11% on Alibaba Switch
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Tencent Holdings Ltd. dropped for a second day to its lowest close in almost three months after being dethroned as Asia’s biggest Internet company by Alibaba Group Holding Ltd.
Tencent sank 1.8 percent to HK$118.90 at the close in Hong Kong, extending its retreat to 11 percent from an all-time high set in August. The Chinese provider of instant-messaging services including WeChat had a market value of $146.3 billion yesterday, compared with $221.6 billion for Alibaba, which began trading in New York Sept. 19 after completing its record initial public offering.