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Business · TMT
Tencent drops out of the world's top 10 tech companies
CKN
2018/10/10 08:06:14
2,340
China's Financial News, China News, Tencent

Oct 10, 2018 (China Knowledge) - Tencent’s shares reported HKD 293.8 yesterday in Hong Kong stock market, decreasing 1.74%. It has fallen by 37.98% from the highest point of HKD 473.72 in 2017.

At the closing price, its market value is HKD 2797.4 bln (about USD 357.1 bln) which means that Tencent has fallen out of the world's top 10 technology companies. By contrast, Alibaba, still one of the top 10, has a market value of USD 388.7 bln.

Tencent's stock price began to decline since the fourth quarter of last year, due to a decline in the gaming business. On the last day of last month, Tencent announced a third restructuring, but it did not seem to have saved its falling share price.

According to Citibank recent review Tencent's new strategy focuses on corporate customers and industrial Internet upgrades, which may result in slower medium- and short-term profit growth.

In addition to investing in funds to buy shares, Tencent's foreign equity investment continues. Tencent announced to invest about USD 180 million in Nubank, a Brazilian financial technology start-up on Oct.8. On Oct. 5, Tencent and private equity firm KKR&Co were acquiring minority stakes in Voyager Innovations, a Philippine financial technology company; and on Oct. 3, Tencent announced a total of USD 317.6 million for Bilibili. 

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