Tencent Holdings Ltd’s (0700.HK) shares fell more than 4 percent on Friday, wiping out around $23 billion of market value, after the Chinese internet firm’s largest shareholder, Naspers Ltd (NPNJn.J), lowered its stake for the first time in 17 years.
The Hong Kong-listed stock opened almost 8 percent lower at HK$405, its lowest start since Feb. 9, and closed at HK$420. Bourse data showed it was the most traded stock on Friday, with turnover of HK$126 billion ($16.05 billion).
Tencent has now lost more than $51 billion in market value in two days, having fallen 5 percent on Thursday – its steepest in over six weeks. That decline came after Tencent late on Wednesday reported better-than-expected profit but missed analysts’ revenue estimate and said aggressive investment might squeeze profit margins.
With a current market capitalization of $508 billion, Tencent is still Asia’s most valuable listed firm and fifth globally behind Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O), Amazon.com Inc (AMZN.O) and Microsoft Corp (MSFT.O).
https://www.reuters.com/article/us-naspers-tencent-holdings-stock/chinas-tencent-loses-51-billion-in-market-value-in-two-days-idUSKBN1GZ24Q