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.
The Chinese Internet giant, best known for its popular games and ubiquitous messaging services, has shed more than $150-billion in market value since a January peak.
The Chinese Internet giant, in which South Africa’s Naspers holds a 31.2% stake, has tumbled 25% from its January peak, erasing about $140-billion of market value.
Naspers is considering the listing of certain parts of its sprawling global media and technology business outside South Africa as the continent’s largest company by market value seeks to reduce its size.