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Tencent Quashes Talk of New Crackdown as Tech Wipeout Deepens

  • It denies online rumor of major clampdown, without elaborating
  • Investors are increasingly nervous about further regulations
Pedestrians near the Tencent Holdings Ltd. headquarters in Shenzhen, China.

Pedestrians near the Tencent Holdings Ltd. headquarters in Shenzhen, China.

Photographer: Qilai Shen/Bloomberg

Tencent Holdings Ltd. denied online speculation that it’s facing a major regulatory crackdown, issuing an unusually aggressive public response after fears of more tech-sector restrictions tanked markets on Monday.

Zhang Jun, Tencent’s head of public relations, disputed a widely circulated post that suggested the company would weather another heavy blow from regulators in the near future. The account carrying the rumor has since been suspended, Zhang said on his semi-public WeChat feed.