HONG KONG: Tencent Holdings Ltd. fell Tuesday, after a world-beating surge in the stock pushed its market value to the cusp of $1 trillion for the first time.
The Chinese Internet behemoth lost as much as 5.1% in Hong Kong, its biggest decline in a month, putting its market capitalisation at $900 billion. Its shares surged 11% Monday, Tencent’s best gain since 2011.
There were few obvious catalysts for a rally of that size, although traders cited an ambitious listing plan from video startup Kuaishou Technology, in which Tencent holds a stake, as well as a bullish note from Citigroup Inc. analysts. The options market went wild, with one contract expiring Thursday soaring 118,300%.
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