If you thought the slump in US technology stocks was bad, take a look at Tencent.

The Chinese Internet giant, in which South Africa’s Naspers holds a 31.2% stake, has tumbled 25% from its January peak, erasing about US$140-billion (R1.8-trillion) of market value.

That’s the biggest wipe-out of shareholder wealth worldwide, as measured from the date of each stock’s 52-week high. Facebook, the F in the “Fang” block of mega-cap US tech stocks, is the second biggest loser with a $136-billion slump over the past three trading sessions.

Investors around the world are beginning to question whether the best days are over for technology stocks — the undisputed leaders of a nine-year boom in global equities.

Tencent, Asia’s second largest company after e-commerce behemoth Alibaba Group, has also been dogged by concern that growth in its mobile gaming unit is slowing. The stock, down 9.5% in July, is poised for its biggest monthly retreat since 2014.

“Investors are increasingly pricing in lower expectations for Tencent’s interim results,” said Linus Yip, a strategist at First Shanghai Securities in Hong Kong. “Overall, tech companies are facing a similar problem. They have been enjoying fast profit growth in the past few years, so it will be difficult for them to maintain similar growth in the future as the competition grows and some segments are saturated.”

Tencent’s year-on-year profit growth probably slowed to 5.1% in the second quarter, the weakest pace since 2012, according to analyst estimates compiled by Bloomberg before the company releases results on 15 August. At least 11 brokerages cut their Tencent share price target this month, including Credit Suisse Group and Morgan Stanley.

Still, analysts haven’t turned bearish: all 51 forecasters tracked by Bloomberg have a buy recommendation on Tencent shares, with the average price target implying a 44% gain over the next 12 months. — Reported by Kana Nishizawa and Jeanny Yu, (c) 2018 Bloomberg LP