(Bloomberg) — Tencent Holdings Ltd. has lost its place among the world’s 10 largest companies by market value, leaving no Chinese company on the list as Bejing’s regulatory crackdown continues to wreak havoc on the stock market.
Hong Kong-listed shares of the gaming and social media company fell 0.5% on Thursday, valuing it at $556 billion. That’s just below U.S. chipmaker Nvidia Corp., data compiled by Bloomberg shows.
This is the first time that a Chinese company isn’t among the world’s ten largest since 2017, the data show. Tencent’s unseating follows that of Alibaba Group Holding Ltd. earlier this year, as China’s tech behemoths face tougher rules on everything from monopolistic practices to data security and kids’ gaming hours.
There are no signs that the pain will end soon as the regulatory campaign continues to spread and deepen nearly every day. A gauge of Hong Kong-listed tech stocks extended declines to a fourth session said on Thursday.