Business

Tencent fell as much as 7.1% on July 22, its steepest single-day drop since April 2025, as fears over slowing mobile gaming revenue collided with a fund rotation into AI stocks. The selloff dragged the Hang Seng Tech Index down 3.5% and pulled NetEase and XD Inc. more than 6% lower, leaving Tencent down roughly 30% year-to-date in 2026.