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Tencent tumbles after stock approaches US$1 trillion valuation
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The Chinese Internet behemoth lost as much as 5.5 per cent in Hong Kong on Tuesday (Jan 26).
PHOTO: REUTERS
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HONG KONG (BLOOMBERG) - Tencent Holdings slumped after a world-beating surge in the stock pushed its market value to the cusp of US$1 trillion (S$1.3 trillion) for the first time.
The Chinese Internet behemoth lost as much as 5.5 per cent in Hong Kong on Tuesday (Jan 26), putting its market capitalization below US$900 billion. Traders took profit after Monday's 11 per cent surge, which was Tencent's biggest in almost a decade. Adding caution were comments by an advisor to China's central bank to local media indicating that excessive liquidity and ultra-low borrowing costs were creating bubbles in the stock market.
