No more Chinese stocks in the global top 10 as Tencent Slides

(Bloomberg) — Tencent Holdings Ltd. has lost its place among the world’s top 10 companies by market value, leaving no Chinese company on the list as Beijing’s regulatory crackdown continues to wreak havoc on the stock market.

Hong Kong-listed shares of the gaming and social media company fell 0.5% on Thursday, valuing it at $556 billion. That’s just below US chipmaker Nvidia Corp., according to data collected by Bloomberg.

This is the first time a Chinese company has not been among the top ten in the world since 2017, the data shows. Tencent’s dismay follows that of Alibaba Group Holding Ltd. earlier this year, as the Chinese tech giants face tougher regulations on everything from monopolistic practices to data security and children’s play hours.

Tencent has lost about $388 billion in market value since its shares hit an all-time high in January. Hong Kong’s Hang Seng Index is the world’s worst-performing major equity benchmark this month amid the crisis, with Alibaba and Tencent the biggest barriers.

There are no signs the pain will end anytime soon as the regulatory campaign continues to spread and deepen almost every day. A gauge of Hong Kong-listed technology stocks extended the declines into a fourth session Thursday.

(Updates with closing prices.)

More stories like this are available on bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2020 Bloomberg LP