Tencent is no longer one of the world's 10 biggest companies

(Photo: Richard A Brooks, AFP)
(Photo: Richard A Brooks, AFP)

More bad news for Tencent: the Chinese internet giant has lost its spot as one of the world’s 10 biggest companies.

After shedding over $200bn in market value this year, more than any other company worldwide, Tencent has been replaced by Exxon Mobil in the top of the rankings based on market capitalisation.

When its share price hit a record high in January, the Shenzhen-based company was in the top five along with Apple, Alphabet, Microsoft  and Amazon.com.

Tencent returned more than 67 000% from its initial public offering through January, but then turned south this year on a run of bad news including a rare drop in profit and a regulatory crackdown on gaming in China.

Tencent has tumbled nearly 40% in Hong Kong since January 23, and fell for a ninth straight day on Wednesday, on track for its worst ever run.

Mitchell Green, Santa Barbara-based founding partner of Lead Edge Capital which manages $1.5bn of assets, said the selloff could continue as investors panic.

Tencent’s market cap is now $353bn, while Exxon Mobil’s is $365bn.

* Fin24's parent company Media24 is part of the Naspers Group. Naspers owns a stake in Tencent.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

ZAR/USD
17.62
(-1.23)
ZAR/GBP
23.01
(-0.53)
ZAR/EUR
20.77
(-0.40)
ZAR/AUD
12.62
(-0.12)
ZAR/JPY
0.17
(-0.80)
Gold
2030.56
(-1.85)
Silver
28.14
(-5.39)
Platinum
960.00
(-3.80)
Brent Crude
45.10
(-0.18)
Palladium
2177.50
(-2.20)
All Share
56757.73
(-1.56)
Top 40
52435.65
(-1.72)
Financial 15
9897.96
(+0.10)
Industrial 25
74671.49
(-1.98)
Resource 10
58948.78
(-1.89)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 926 votes
It depends on how the funds are used.
74% - 6216 votes
No. We should have gotten the loan elsewhere.
15% - 1278 votes
Vote