Tencent Holdings Limited
|Company Name||Tencent Holdings Limited|
On March 12, 2021, Bloomberg published an article entitled “Tencent Faces Broad China Clampdown on Fintech, Deals,” reporting that “China’s top financial regulators see Tencent as the next target for increased supervision after the clamp down” on Ant Group Co. As a result, the Company would “probably be required to establish a financial holding company to include its banking, insurance, and payments services.”
On this news, the Company’s American Depositary Receipts (“ADRs”) price fell as much as $7, or nearly 8%, during intraday trading on March 12, 2021.
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