HONG KONG (BLOOMBERG) - A chill swept through China's stock and bond markets on Tuesday (Jan 26) after the central bank unexpectedly withdrew funds from the financial system amid warnings about growing froth.. Read more at straitstimes.com.
The company s WeChat social-media platform boasts more than a billion users and accounts for about a quarter of total cash coming in through the stock links
A logo of Tencent is seen at its booth at the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 4, 2020. REUTERS/Tingshu Wang/File Photo
HONG KONG: Tencent Holdings Ltd. fell Tuesday, after a world-beating surge in the stock pushed its market value to the cusp of $1 trillion for the first time.
The Chinese Internet behemoth lost as much as 5.1% in Hong Kong, its biggest decline in a month, putting its market capitalisation at $900 billion. Its shares surged 11% Monday, Tencent’s best gain since 2011.
There were few obvious catalysts for a rally of that size, although traders cited an ambitious listing plan from video startup Kuaishou Technology, in which Tencent holds a stake, as well as a bullish note from Citigroup Inc. analysts. The options market went wild, with one contract expiring Thursday soaring 118,300%.
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