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Tencent is squeezed out of the top ten global market capitalization companies

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发表于 6 天前 | 显示全部楼层 |阅读模式
On Tuesday, Tencent Holdings (HK:0700) fell for the eighth consecutive trading day. At present, its share price has fallen by 38% from its closing high in January, the deepest decline since its listing in Hong Kong in 2004. So far this year, Tencent's market value has evaporated by $220 billion, which is more than any other company in the world. According to a report by Bloomberg on Wednesday, Tencent has fallen out of the list of the top ten companies in the world by market capitalization and was replaced by American oil giant Exxon Mobil.
At the same time, yesterday's "2018 Hurun Report" was officially released, and Ma Huateng ranked third with 240 billion yuan. This year, Ma Huateng’s wealth has shrunk by 10 billion, which is the first time since his listing in 2005 that wealth has shrunk.

Until January of this year, Tencent's return since the IPO exceeded 67,000%, which is the best performing stock among the world's largest companies listed in the same period. Tencent's online games, WeChat and financial services products have made it a favorite of institutional investors and individual investors, but the investor sentiment of the stock has deteriorated due to the bad news this year.

The first blow was nine months ago, when investors worried about the valuation bubble of technology stocks dragged Tencent and its peers. In March, Tencent's share price fell, as the company warned that the profit margin fell, and one of its senior shareholders said it was selling nearly Ten billion US dollars of Tencent shares.

Tencent suffered the first decline in earnings for at least a decade, and the tightening of control over game approvals by Chinese regulators, causing a large number of Chinese investors to sell the stock. On Tuesday, Tencent fell 1.7% to HK$293.80, the lowest closing price since July 2017.

However, the seller analyst still insists on holding Tencent. Of the 49 forecasting agencies tracked by Bloomberg, only one did not give Tencent a “buy” rating, and its 12-month average target price was 52% higher than Tuesday’s closing price. However, it should be noted that according to the data compiled by Bloomberg, even after this round of slump, Tencent's expected price-earnings ratio for the next 12 months is still 25 times.

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