Tencent’s downward spiral is accelerating at a dizzying pace.
Asia’s biggest stock fell as much as 7.5% in Hong Kong on Thursday, heading for its steepest slide in seven years, as traders fled technology shares around the world.
The Chinese internet giant has lost about 20% in an unprecedented 10-day losing streak, extending the damage since a January high to $254bn in market value.
While the shares have been stuck in a downtrend for a record 261 calendar days, selling has been particularly aggressive this week after Tencent failed to hold above the key HK$300 per share price on Monday.
Making matters worse was Wednesday’s slump in US tech stocks, the worst in seven years, as well as a fresh leg lower in the yuan.