Tencent stock tumbles after China crackdown hits growth
CNN
Tencent's stock suffered a sharp drop after the company reported its slowest-ever growth due to a bruising crackdown by China on the country's tech sector.
Shares in the Chinese social media and gaming giant tumbled around 6% in Hong Kong on Thursday after its US-listed shares closed 5.4% lower on Wall Street.
The stock plunge came after Tencent (TCEHY) reported revenue of 144.2 billion yuan ($22.6 billion) for the fourth quarter of 2021, up 8% from a year earlier. That's the slowest revenue growth since the company listed on the Hong Kong Stock Exchange in 2004.
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