Tencent Holdings Ltd. has lost its title as China’s biggest company to liquor giant Kweichow Moutai Co., the latest sign of how far regulatory risk and dimming growth prospects has set back the country’s technology industry.
Shares of the online gaming company have tumbled 64% in Hong Kong since a January 2021 peak, wiping $623 billion off its market value. That’s more than any other firm globally, driven by concerns about Tencent’s outlook after Beijing’s yearlong regulatory crackdown. As of the Hong Kong close on Friday, the company was valued at about $5.4 billion less than Moutai.
