It was hard to imagine, at the start of 2021, that Naspers shares would be among the worst performers on the JSE’s top 40 index come September, having dropped 22%, while Prosus would be 26% weaker. With their biggest asset still Chinese group Tencent, their share prices have been clattered by an increasingly interventionist Chinese state, intent on some heavy-duty social engineering. The FM asked Vestact’s Bright Khumalo and Old Mutual Investment Group’s Neelash Hansjee what all of this means for investors.

The statement last week from the Chinese Communist Party around gaming — that companies like Tencent were "urged to break from the solitary focus of pursuing profit or attracting players and fans" — sent Naspers and Prosus share prices crashing further. Does it diminish the investment case?..

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