Tencent’s $220 Billion Rout Is Breaking All Kinds of Records
- The once high-flying stock has dropped 38% from its high
- It’s trailing global peers by the biggest-ever margin
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The $220 billion rout in shares of Tencent Holdings Ltd. has entered uncharted territory.
Not only has the Chinese Internet giant lost more market value than any other company worldwide this year, its 38 percent drop from a closing high in January is now the deepest since Tencent’s 2004 listing in Hong Kong. The stock has been mired in a downtrend for a record 259 calendar days and on Tuesday matched its longest streak of consecutive losses after falling for an eighth session. It has never fared worse relative to global technology shares.