https://finance.yahoo.com/quote/0981.HK?p=0981.HK&.tsrc=fin-...
Possibly reflecting China's (new) policy to focus on what it considers "hard tech", instead of social media, fintech, e-commerce.
Contrast that with the quote from the article:
"Shares in Tencent plunged 9.0% in Hong Kong on Tuesday amid widespread market jitters over Chinese regulatory crackdowns on high-growth sectors, including online platforms and, most recently, private tutoring. Hong Kong's benchmark Hang Seng Index (.HSI) fell 4.2%."
The stock price may not correlate with short-term budgets, but it absolutely has an impact on long-term budgets. So what the investors will be asking themselves now is: "Is this disruption just a short blip on the radar, or did we just witness a long-term change of the Big Tech landscape in China?" Getting on the shit list of the Chinese government sounds like a long-term problem to me.
Shortly after the quote you pulled:
>> Beijing-based tech consultant Zhou Zhanggui said investors were over-reacting
Zhou Zhanggui is right. Suspension of account creation has basically no impact unless it fails to come back in August as advertised.
Also, billions of dollars of value didn't disappear overnight. No jobs are or will be lost, and very little utility is lost, except being able to sign up for 1-2 weeks.
I'm not absolutely thrilled by the rise of China either, but we gotta stop lying to ourselves. Not every single action by the Chinese government is a stupid and reckless calamity that will cause untold harm. We're often blind to the good and to the utility of these decisions, and on the balance a government that's not scared of the stock market is going to be more effective assuming they're competent to begin with.