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Alibaba D tencent They have fallen in price by as large a number as any other company in the world.
In accordance with bloomberg, tencent is losing $564 billion as of February 2021. AlibabaMeanwhile, $494 billion is falling.
Just for comparison, the loss of companies like Meta or Amazon does not exceed $302 billion.
Sharp drop in the market
According to the report, tencent it was close to becoming the second company to reach a billion dollar value in Asia. But a sharp drop ruined the plans.
The company will report its first quarterly decline in revenue since the 2008 financial crisis, driven by a slowdown in game sales. The lack of clarity about Beijing’s crackdown also undermines confidence.
“We need to restore income. But we haven’t seen that yet,” said Paul Pong, managing director of Hong Kong-based Pegasus Fund Managers Ltd., which owns the shares. “The biggest problem for tencentlike many of its counterparts, is that growth has almost stopped.”
Because the actions tencent hit an intraday record in February 2021, falling nearly 60% and losing more value than any other stock in the world, according to data bloomberg. Alibabawhose shares have fallen 65% during this time, ranks second in terms of losses.
Reasons from home
The problems plaguing Chinese tech companies are familiar. Beijing’s year-long sweeping crackdown has forced a once-powerful sector to pay off, draining global funds and prompting some analysts to downgrade the sector.
In addition, news of a slew of Chinese companies being delisted on U.S. exchanges is also hurting sentiment, with mainland Chinese tech stocks falling in pre-market trading in New York.
tencent he has yet to get regulatory approval for new video game licenses, even as his peers get the go-ahead. Player spending on their popular mobile game Honor of kings has been declining for three straight months since May, according to data sensor tower. The company is expected to cut more jobs in non-core areas to boost profits.
For example, the severity of restrictions imposed by the Chinese government on the video game industry led to the first negative results. It was reported that revenues from the gaming sector in China decreased in the first half of 2022, and this fact occurs for the first time since this report was presented 14 years ago.
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Source: RPP
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.