Naspers, with the fifth spot on the JSE, fell for the fifth day running, losing 7 percent of value this week.
Naspers has lost 34.47 percent since the beginning of the year, more than a third of its value this year, from a 52-week high of R4 142 to the current R2 657, giving the group a market cap of R1.17 trillion.
Tencent has shed more than $200 billion in market value this year, more than any other company worldwide, and has lost its spot as one of the world’s 10 biggest companies. The giant has fallen 38 percent in price since the middle of March 2018, according to Ashburton. Though Tencent returned more than 67 000 percent from its initial public offering to January, its performance has deteriorated on a run of bad news, including a rare drop in profit and a regulatory crackdown on gaming in China.
A stricter regulatory regime in China put a freeze on gaming licence approvals, which resulted in the “nonmonetisation of popular tactical tournament games” as well as a bottleneck in new product approvals.