Is it time to catch the global stock market’s biggest falling knife? For watchers of Tencent Holdings, whose largest shareholder is South Africa’s Naspers, it’s an increasingly pressing question.
Even for the world’s worst performing stock markets, Thursday’s losses were extreme. China’s benchmark equity gauge closed 5.2% lower, the biggest loss since February 2016, as a global selloff spread.
More bad news for Tencent: the Chinese Internet giant has lost its spot as one of the world’s 10 biggest companies.
Not only has the Chinese Internet giant lost more market value than any other company worldwide this year, its 38% drop from a closing high in January is now the deepest since Tencent’s 2004 listing in Hong Kong.