Also see Tencent, the Chinese Internet Giant, Stumbles. Beijing Gets the Blame (NYT)
"Tencent, which owns China’s highly popular social-messaging app WeChat, a day earlier reported a 2% decline in second-quarter income to 17.9 billion yuan ($2.6 billion). Its revenue rose 30% to 73.7 billion yuan, but that also missed most analysts’ forecasts. The company said its games business has been hindered by a regulatory restructuring of two Chinese government agencies that oversee videogame content, leading to delays in game approvals.Tencent’s Rout This Year Has Wiped Out Over $175 Billion in Market Value -- WSJ
The shares, which closed Thursday at 325.80 Hong Kong dollars ($41.51), are now down by nearly a third from their record high in January, when Tencent’s market capitalization climbed to $572 billion and surpassed that of U.S. social-media giant Facebook Inc.
The selloff has sparked fears of whether there will be broader contagion for tech stocks around the world. U.S.-listed Chinese tech giants such as Alibaba Group Holding Ltd. and Baidu Inc. also fell on Wednesday, pushing deeper into negative territory for the year."