Tencent denied talk that it’s facing a major regulatory crackdown in China, issuing an unusually aggressive public response. Shares in Naspers still tanked.
denied online speculation that it’s facing a major regulatory crackdown, issuing an unusually aggressive public response after fears of more tech-sector restrictions tanked markets on Monday.
“Ask me next time, at least that’s more legit. And I’m not afraid of going on record,” Zhang said, poking fun at the post citing an anonymous Tencent employee. Before its removal, the post was widely shared on Chinese social media and stock-trading forums. It hinted at another big step in China’s Internet crackdown, without providing specifics. Tencent closed 5.2% lower on the day.The selloff also hit the South African bourse, with Naspers and its spinoff Prosus trading sharply lower.
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