Tencent continues to lose in value. On the evening of October 19, the Chinese giant’s stock price dropped by 5.48% to $30.16 apiece. They haven’t traded so cheaply since April 2017.
Bloomberg journalists believe that the fall is due to the XX Congress of the Communist Party of China. During it, the Chinese authorities announced that they would continue their tough anti-covid policy and postpone the publication of the country’s economic indicators.
It should be noted that against the background of the congress, the Nasdaq Golden Dragon China index, which represents Chinese technology companies, fell by 7%. In particular, the shares of NetEase, which is part of it, fell by 5% to $67 apiece.