Hong Kong — For clues on what Tencent Holdings’s shares will do tomorrow, look to the traders who got it spot on in August. The options market is pricing in a 6.6% move for the stock either way following the internet giant’s third-quarter update after Hong Kong’s market closes on Wednesday. This would mark the biggest post-results reaction since August 2015, data compiled by Bloomberg shows. Derivatives traders have also sent the cost of hedging Tencent — of which Naspers owns just more than 30% — to a one-year high relative to the Hang Seng Index, after the stock became twice as volatile as the benchmark. Despite a $243bn loss of shareholder value since January that’s already broken all kinds of records, the outlook for some of Tencent’s most profitable businesses is getting bleaker: China’s economic slowdown is putting a lid on advertiser spending, while regulators are unlikely to loosen their grip on the gaming industry. Another warning sign came just last week with Japanese riva...

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