Tencent loses $62 bn in 2-day rout, wiping out value of fintech business

Like Ant, it will probably be required to establish a financial holdco

Tencent Holdings shares fell a second day on concern regulators are now turning their sights to Pony Ma’s business empire, fueling a $62 billion wipe-out that one brokerage says obliterated most of the value of its online finance business.

The stock fell more than 4 per cent in Hong Kong on Monday, following a 4.4 per cent drop on Friday. China’s top financial regulators see Tencent as the next target for increased supervision after the clamp down on Jack Ma’s Ant Group, people with knowledge of their thinking have said. Like Ant, Tencent will probably be required to establish a financial