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Tencent Woes Mount Even After $560 Billion Selloff

  • Tencent market value losses top the world since Feb. 2021 peak
  • Company likely to report first sales drop since 2008 next week
Updated on

Just 18 months ago, Tencent Holdings Ltd. was on the cusp of becoming Asia’s second trillion-dollar company, as Chinese internet giants carried the fight for dominance to their US rivals.

But a more than $560 billion market value wipeout later and with shares slumping to a near four-year low, investor hopes for a smooth recovery are on their last legs.