Locked
Tencent hits lowest price in five years on China economy concern
Tencent recorded its first-ever revenue drop in the quarter ended June and is expected to report negligible sales growth and a 34% drop in net income, according to analyst estimates.
By Lisa Du and Zheping Huang
(Bloomberg) — Tencent Holdings Ltd. is on track to close at its lowest point in five years as investor sentiment turned negative following concerns over China's macro outlook.
Shares of the WeChat operator fell as much as 5.3% in Hong Kong trading Thursday, setting it on a path to close around HK$235 per share — its lowest point since early 2017.
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