Tencent Loses $62 Billion, Wiping Out Value of Fintech Business
- Its fintech, payments business worth $120 billion: Bernstein
- Shares fall a second day on concern over regulatory scrutiny
This article is for subscribers only.
Tencent Holdings Ltd. shares fell a second day on concern regulators are now turning their sights to Pony Ma’s business empire, fueling a $62 billion wipe-out that one brokerage says obliterated most of the value of its online finance business.
The stock fell more than 4% in Hong Kong on Monday, following a 4.4.% drop on Friday. China’s top financial regulators see Tencent as the next target for increased supervision after the clamp down on Jack Ma’s Ant Group Co., people with knowledge of their thinking have said. Like Ant, Tencent will probably be required to establish a financial holding company to include its banking, insurance and payments services, according to one of the people.