Tencent is no longer one of the world's 10 biggest companies
More bad news for Tencent: the Chinese internet giant has lost its spot as one of the world’s 10 biggest companies.
After shedding over $200bn in market value this year, more than any other company worldwide, Tencent has been replaced by Exxon Mobil in the top of the rankings based on market capitalisation.
When its share price hit a record high in January, the Shenzhen-based company was in the top five along with Apple, Alphabet, Microsoft and Amazon.com.
Tencent returned more than 67 000% from its initial public offering through January, but then turned south this year on a run of bad news including a rare drop in profit and a regulatory crackdown on gaming in China.
- READ: Tencent's $214bn tumble is breaking all kinds of records
Tencent has tumbled nearly 40% in Hong Kong since January 23, and fell for a ninth straight day on Wednesday, on track for its worst ever run.
Mitchell Green, Santa Barbara-based founding partner of Lead Edge Capital which manages $1.5bn of assets, said the selloff could continue as investors panic.
Tencent’s market cap is now $353bn, while Exxon Mobil’s is $365bn.
* parent company Media24 is part of the Naspers Group. Naspers owns a stake in Tencent.
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