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(Bloomberg) — Tencent Holdings Ltd. has misplaced its place among the many world’s 10 largest corporations by market worth, leaving no Chinese language firm within the listing as Bejing’s regulatory crackdown continues to wreak havoc on the inventory market.
Hong Kong-listed shares of the gaming and social media firm fell 0.5% Thursday, valuing it at $556 billion. That’s just under U.S. chipmaker Nvidia Corp., knowledge compiled by Bloomberg exhibits.
That is the primary time {that a} Chinese language firm isn’t among the many world’s ten largest since 2017, the information present. Tencent’s unseating follows that of Alibaba Group Holding Ltd. earlier this 12 months, as China’s tech behemoths face harder guidelines on all the pieces from monopolistic practices to knowledge safety and children’ gaming hours.
Tencent has misplaced about $388 billion in market worth since its shares reached a document excessive in January. Hong Kong’s Cling Seng Index is the world’s worst performing main inventory benchmark this month amid the clampdown, with Alibaba and Tencent the most important drags.
There are not any indicators that the ache will finish quickly because the regulatory marketing campaign continues to unfold and deepen practically day-after-day. A gauge of Hong Kong-listed tech shares prolonged declines to a fourth session Thursday.
(Updates with closing costs.)
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