Tencent becomes world's worst stock bet with $170 billion wipeout

The firm is one of the key casualties of an official campaign that targets tech behemoths considered a potential threat to China's data security.

China’s unprecedented crackdown on its technology industry has turned Tencent Holdings Ltd. from a market darling into the world’s biggest stock loser this month.
 

The Chinese Internet giant had tumbled 23% in July as of Wednesday, set for its worst month ever after erasing about $170 billion of market value. That marks the fastest evaporation of shareholder wealth worldwide during this period, Bloomberg data shows. Nine of the top 10 losers in shareholder value this month are Chinese companies, including Meituan and Alibaba Group Holding Ltd.

Tencent’s shares rebounded by 7.1% on Thursday morning, tracking broader gains in Chinese stocks