Tencent shares plunged as much as 7.1% in Hong Kong. This marks the steepest single-day decline since April 2025.
Investors sold off shares amid rumors that August 12 earnings will reveal a decline in mobile gaming revenue. The drop triggered a wider decline across the Chinese gaming sector.
Competitor NetEase saw its shares sink by more than 7.3%. Market anxiety follows weaker-than-expected domestic and international game revenue reported in the previous quarter.