Yuan slides as concerns for internet company’s growth erase $46bn from market value
The logo for Tencent's WeChat app, right, and the logo for ByteDanc's TikTok app are arranged for a photograph on smartphones in Hong Kong, China. Picure: BLOOMBERG/ Ivan Abreu
The US president’s executive order fuelled concern that the deteriorating US-China relationship will weigh on companies, economies and markets. Confusion over the scope of the order led to volatile trading on Friday, with Tencent plunging more than 10% before paring its loss to 6.8% at the midday break. A US official later clarified the ban will only cover WeChat.
Before Friday’s drop Tencent was worth $686bn, making it the world’s eighth-largest company by market capitalisation and bigger than Berkshire Hathaway. Its huge size means it occupies a dominant position on global indices. The firm accounts for more than 6% of MSCI’s developing nation gauge and 4% of its Asian Pacific measure.
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