Tencent Cedes Asia’s No. 2 Spot as Curbs Spark $47 Billion Rout
The Tencent headquarters in Shenzhen.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Tencent Holdings Ltd. is no longer Asia’s second-largest company by market value, as Friday’s $47 billion selloff hands the spot to chipmaking behemoth Samsung Electronics Co.
Shares of the Chinese gaming bellwether plunged almost 16% intraday in Hong Kong after mainland authorities delivered a raft of new measures to rein in spending and content in online games.