Investors strongly sold off Tencent shares, nearly 100 billion USD capitalization was “blown away”.

In the afternoon trading session on 24/10, shares of the largest company in Asia fell 0.3% on the Hong Kong floor, although the market is witnessing prosperity. Currently, Tencent stock is trading lower than the key level of 320 HKD.

Previously, this stock also stood on the verge of 3 times but overcame. Since peaking in April, shares of China’s technology giant have fallen 20%, or about $ 93 billion in market capitalization. In the first two days of the week, mainland investors net sold $ 54 million in Tencent shares, bringing the decline to 2.3%.

Although Tencent’s stock has been stuck in a downward trend for months, the strong sell-off situation continued to worsen earlier this week, although the cause is still unclear. Many people speculate that the decline occurred due to unstable psychology of Chinese investors, along with concerns surrounding Tencent’s decision to broadcast the matches of the American Professional Basketball Association ( NBA) may cause “backward effects” to the company.

Earlier, Daryl Morey, senior manager of the Houston Rockets, posted on Twitter a picture of a slogan supporting the protesters in Hong Kong. The tweet immediately made Chinese netizens “stir”. Therefore, one of the most popular American professional basketball teams in the world’s second largest economy immediately faced a wave of more severe and severe criticism than the boycott of a series. businesses and central television.

Shares of Asia’s largest company fell off the key support level – 320 HKD / share.

Accordingly, exercise maker Li Ning and credit card center of Shanghai Pudong Development Bank have announced to suspend cooperation with Houston Rockets. National television CCTV and Tencent Group said they would stop broadcasting matches of this team. On October 23, on the opening day of the season, CCTV also did not broadcast any NBA matches like every year. What is surprising, meanwhile, is that Tencent makes the opposite decision.

In addition, Tencent’s share price is under pressure from a local media outlet reporting that China is considering amending laws to control the gaming of young people. Meanwhile, the video game business is one of the lucrative areas, bringing the highest profit for Tencent. As expected, the technology giant will release its third-quarter business report on November 13 amid increasing pressure on the stock market.

A year ago, shares of Tencent also witnessed a record sell-off situation, causing $ 214 billion was blown away, becoming a listed company with the strongest decline in value of the year. This decline has completely reversed the achievements that Tencent shares have been achieved since the IPO until the end of January last year. During that period, Tencent shares rose 67,000%, becoming the largest stock with the strongest growth worldwide.