A giant company loses 62 billion dollars in two days !!

The shares of Tencent Holdings Ltd.

The stock was down more than 4% in Hong Kong on Monday, after falling 4.4% on Friday.

While major financial regulators in China see Tencent as the next target for heightened surveillance following the crackdown on billionaire Jack Ma’s company, Ant Group, according to sources, spoke to Bloomberg and was seen by Al Arabiya. net.

The sources said that Tencent may be required to create a financial holding company to include its banking, insurance and payment services.

According to estimates by analysts at Bernstein, the value of the internet giant’s payments business and fintech business is between $ 105 billion and $ 120 billion, which established a multiple of eight of the figure. Internet business for the next 12 months to $ 15 billion, which means the payments industry is between $ 70 billion and $ 80 billion, with credit, wealth management and insurance accounting for 35 to $ 40 billion remaining.

“Everything else is equal,” Bernstein analysts wrote in a research report: “We think the value of Tencent’s fintech business can be said to be close to zero, citing Friday’s loss,” implying that any further drop from here would essentially mean a drop in the income multiplier. Ditto for Tencent. “

The ruling against Tencent is a major escalation in China’s campaign against the unlimited expansion of its tech giants. Premier Li Keqiang pledged in the National People’s Congress earlier this month to expand financial technology supervision, eliminate monopolies, and prevent “unorganized expansion of capital.”

Tencent’s regulatory concerns go beyond its fintech business, as the antitrust authority on Friday fined the company, as well as some other tech giants in China, for failing to request the prior approval for previous investments and acquisitions.