Of the 10 companies worth more than $100-billion that analysts predominantly rate as buy, Tencent – 31.2% owned by South African-listed Naspers – has by some distance had the worst 2018.
Tencent bought back shares for a second day on Monday after its first repurchase in four years spurred speculation the battered Internet behemoth may do more to support the stock.
China’s regulators plan to curtail the number of online games and discourage play-time, part of a broader effort to tackle device addiction and other ills that sent shares reeling from the US to Japan.
Naspers is working to reduce its exposure to Johannesburg’s stock exchange as Africa’s largest company seeks to narrow its valuation gap with flagship asset Tencent Holdings.
Just a few months ago, Tencent reigned as the most valuable company in Asia, but it has since suffered a record stock plunge that has wiped more than $140-billion off its market value.
In the podcast this week, Duncan McLeod and Regardt van der Berg preview Nvidia’s big graphics card announcement happening on Monday – what can we expect from the GeForce RTX 2080ti. Plus plenty of other tech news.
Investors and analysts who think that all Tencent needs is for Beijing to restart the approval of new games may be missing the bigger picture.
China long celebrated Tencent as a national champion. Now the tech giant is getting a taste of what it’s like to be on the other side of government patronage.
Tencent slumped after the Chinese social media giant reported shockingly poor quarterly numbers, underscoring how tech superstars that led the market to new heights are showing signs of strain.
Naspers, Africa’s largest company by value, plunged the most in almost 10 years in Johannesburg trading after Chinese Internet giant Tencent posted earnings that missed analyst estimates.