Tencent Is No Longer One of the World's 10 Biggest Companies

Exxon Mobil replaces Chinese Internet company in the top 10
Tencent returned over 67,000% from its IPO through January

Tencent shares have suffered a 38 percent drop from their January high. Bloomberg’s Elena Popina reports.(Source: Bloomberg)

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By Kana Nishizawa and Sofia Horta e Costa

October 10, 2018 at 3:53 AM UTC

Updated on

October 10, 2018 at 8:59 AM UTC

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More bad news for Tencent Holdings Ltd.: the Chinese Internet giant has lost its spot as one of the world’s 10 biggest companies.

After shedding over $200 billion in market value this year, more than any other company worldwide, Tencent has been replaced by Exxon Mobil Corp. in the top of the rankings based on market capitalization. When its share price hit a record high in January, the Shenzhen-based company was in the top five along with Apple Inc., Alphabet Inc., Microsoft Corp. and Amazon.com Inc.