China long celebrated Tencent Holdings Ltd as a national champion. Now, the tech giant is getting a taste of what it’s like to be on the other side of government patronage.
Tencent tumbled on Aug 16 after reporting its first profit drop in a decade as Chinese authorities froze approval of digital games the company needs to make money. Once the most valuable company in Asia, Tencent has seen its market cap fall by more than US$165bil (RM677.16bil) since January.
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