Tencent plunges after US bans WeChat app
Yuan slides as concerns for internet company’s growth erase $46bn from market value
Hong Kong — The Trump administration’s move to ban US residents from doing business with Tencent Holdings’ WeChat app rippled through Chinese markets, erasing $46bn from the internet giant’s market value and sending the yuan to its biggest slump in two weeks.
The US president’s executive order fuelled concern that the deteriorating US-China relationship will weigh on companies, economies and markets. Confusion over the scope of the order led to volatile trading on Friday, with Tencent plunging more than 10% before paring its loss to 6.8% at the midday break. A US official later clarified the ban will only cover WeChat...
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