Hong Kong — Something unusual is happening to Asia’s biggest stock: it’s falling behind. Shares of Tencent Holdings have fared worse than the Hang Seng index for seven straight weeks, the longest such streak since 2012. While they rebounded from this year’s low on Tuesday, another week of underperformance would mark the worst-ever period for its shareholders relative to the Hong Kong benchmark. Fans of the Chinese internet giant, which reports quarterly results next week, are not used to being overtaken by the broader market. The stock outperformed the city’s benchmark every full year but one since its 2004 listing, and had returned some 60,000% to early investors. Still, its decline from a peak in January wiped out as much as $117bn from the shares. Concern that the company’s investments in the likes of China Literature, Tesla and Snap are getting crushed has weighed on a stock that has struggled to bounce off a key technical level. The options market is implying a move of 2.5% in ...
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