Tencent stock drops

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Source: Dukascopy Bank SA


During Tuesday's Asian trading hours, the stock price for Tencent, 0700.HK/HKD, dropped by 6.50% or 31.00 HKD. Moreover, the stock price extended a larger decline, which has been occurring since July 15. In total, the price has declined by 22.18%

The decline is attributed to a string of bad news.

Namely, on July 10, the Chinese government blocked a video game merger planned by Tencent.

On July 21, Tencent was one among the companies that were summoned by regulators in regards to child-related obscene content.

On July 24, the company was barred from exclusive copyrights in online music. Moreover, the company received a fine for previous actions.

On July 27, the company suspended new WeChat registration. However, Tencent announced that the suspension took place due to a technical upgrade.
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