One Bloomberg - - Tencent Holdings Ltd. has lost its place among the world's 10 largest companies by market value leaving no Chinese company in the list as Bejing s regulatory crackdown continues to wreak havoc on the stock market.
The shares of the gaming and social media company declined by 0.5% on Thursday, leaving it valued at $556 billion. Those are just below the US chipmaker Nvidia Corp. data compiled by Bloomberg shows.
This is the first time that a Chinese company hasn't been among the ten largest companies since 2017, data show. China s useating follows that of Alibaba Group Holding Ltd. earlier this year, as China tech behemoths face tougher rules on everything from monopolistic practices to data security and kids gaming hours.
Tencent has lost the market value of $388 billion since its shares touched a record high in January. Hong Kong s Hang Seng Index is the world s worst stock benchmark this month amid the clampdown, with Alibaba and Tencent the biggest drags.
There are no signs that the pain will end soon as the regulatory campaign continues to expand and deepen nearly every day. A gauge of Hong Kong tech stocks extended declines to a fourth session Wednesday.