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A week after writing down a R12bn asset in Russia, Naspers on Monday lost multiples of that in its valuation as it was confronted by an old problem: a crackdown on technology companies in China where it has its most prized asset.

Africa’s most valuable company had its largest one-day drop on the JSE in more than two decades, losing more than R100bn in value. That came after Chinese internet giant Tencent was battered by a report that its mobile payment and digital wallet service WeChat Pay faces a record fine for allegedly violating money laundering regulations in China...

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