Tencent drops out of global top 10 after $200bn rout
The Chinese internet giant has lost more than any other company in the world, enabling ExxonMobil to knock it out of the top 10
Hong Kong — More bad news for Tencent: the Chinese internet giant has lost its spot as one of the world’s 10 biggest companies. After shedding more than $200bn in market value this year, more than any other company worldwide, Tencent has been replaced by Exxon Mobil in the top of the rankings based on market capitalisation. When its share price hit a record high in January, the Shenzhen-based company was in the top five along with Apple, Alphabet, Microsoft and Amazon.com. By the end of January 2018, Tencent — which is 31% owned by JSE-listed Naspers — had returned more than 67,000% from its initial public offering. But it turned south this year on a run of bad news including a rare drop in profit and a regulatory crackdown on gaming in China. Tencent has tumbled nearly 40% in Hong Kong since January 23, and fell for a ninth straight day on Wednesday, on track for its worst run since its 2004 listing. It was down 0.9% at 1.42pm in Hong Kong. Mitchell Green, Santa Barbara-based found...
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