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Tencent’s slide leaves China with no stocks in global top 10

Tencent is on track to lose its place among the world’s 10 biggest firms.
Image: Bloomberg

Tencent has lost its place among the world’s 10 largest companies by market value, leaving no Chinese company in the list as Bejing’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% Thursday, valuing it at $556 billion. That’s just below U.S. chipmaker Nvidia Corp., data compiled by Bloomberg shows.

Rank Company Market capitalization
1 Apple Inc. $2.46 trillion
2 Microsoft Corp. $2.29 trillion
3 Alphabet Inc. $1.93 trillion
4 Saudi Arabian Oil Co. $1.87 trillion
5 Amazon.com Inc. $1.76 trillion
6 Facebook Inc. $1.05 trillion
7 Tesla Inc. $757 billion
8 Berkshire Hathaway Inc. $630 billion
9 Taiwan Semiconductor Manufacturing Co. $561 billion
10 Nvidia Corp. $559 billion
11 Tencent Holdings Ltd. $556 billion

This is the first time that a Chinese company isn’t among the world’s ten largest since 2017, the data show. Tencent’s unseating follows that of Alibaba Group Holding Ltd. earlier this year, as China’s tech behemoths face tougher rules on everything from monopolistic practices to data security and kids’ gaming hours.

Read: Tencent is world’s worst stock bet with $170bn wipeout

Tencent has lost about $388 billion in market value since its shares reached a record high in January. Hong Kong’s Hang Seng Index is the world’s worst performing major stock benchmark this month amid the clampdown, with Alibaba and Tencent the biggest drags.

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

© 2021 Bloomberg

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GReat news…. waiting for NAspers and Prosus to dip some more

Hmmm … President Xi Jinping must be wishing he bought stock in Apple and the US tech giants instead of his state boosted property stock like Evergrande with $300 billion in debt. Could this be China’s domino effect property and economy collapse a la the US in 2008/9?

Interesting times ahead…

Nothing interesting , rather very scary.

And these things happen when people least expect it.

It seems that some shares get pumped up for a week or two, then they crash,
like our Gold and Platinum mining shares.

Yet they are still making very good money.

“Interesting” was an understatement…. may you live in interesting times … Yep .. I’ve taken a pummelling on gold and platinum but that’s not my source of income so I’ll hang on. As a minuscule trader, the frustration at seeing the zig-zag of the JSE and looking for some value which isn’t a pump and dump is hard work. Any suggestions? 😉

Besachcomber, this essay may provide you with an understanding of how the CCP views the future. IMO given recent events this quote explains what’s at play…”secrecy and control make sense in light of what the vast majority of China experts believe to be Xi’s top priority: regime survival.” https://www.foreignaffairs.com/articles/united-states/2021-08-24/center-cannot-hold As such its likely that Tencent / Naspers / Prosus and latterly Macau – are simply collateral damage in a much bigger game than mere “gaming businesses”.

Thanks … I also get newsletters from Foreign Affairs – a voice in the wilderness.

The problems aren’t (I think) as much economic with China, but rather the ideological aspirations and hubris of Xi Jinping, who is looking more and more like Stalin or Hitler by the day, with territorial expansion, ranting about the USUKAU alliance while construction of military strategic islands in the South China Sea goes ahead full speed.

The Chinese government is learning a basic law of capitalism. You cannot control the market and the freedom to act in your own best interests. They can try to control their citizens with semi-communist laws but there are always consequences. Will their vanity lead to a reversal of some of their restrictions or will they be too proud to change? As a Naspers shareholder, I would love to know the answer.

As a Prosus holder, I would also like to know … perhaps chickens are coming home to roost for the CCP.

With the news released today of the US/UK/AU pact and the nuclear submarine deal, China may find itself becoming more isolated from the real global economy. You can’t survive making junk and cheap fashions for the West consumers.

Beachcomber, this essay may provide you with an understanding of how the CCP views the future. IMO given recent events this quote explains what’s at play…”secrecy and control make sense in light of what the vast majority of China experts believe to be Xi’s top priority: regime survival”. https://www.foreignaffairs.com/articles/united-states/2021-08-24/center-cannot-hold As such its likely that Tencent / Naspers / Prosus and latterly Macau – are simply collateral damage in a much bigger game than mere “gaming businesses”.

Too many people commenting seem to think the CCP cares about “global rankings” of capitalist firms…

They’ve got a totally different agenda and couldn’t care less about the value of tencent! It’s about a socialist/nationalist regime that’s aiming at much more than a few big companies.

End of comments.

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