Tencent shares down another 5% amid concerns of China regulatory crackdown
The JSE was weaker on Tuesday morning, along with its global peers as investors deal with a triple whammy of issues including the return of China’s clampdowns to the fore.
Heavy-tech Naspers and Prosus were set to extend the previous session’s losses after news that Tencent was facing a record fine after China’s central bank discovered its WeChat Pay had violated anti-money-laundering rules. The People’s Bank of China had found Tencent’s payments platform allowed the transfer of funds for illicit purposes, such as gambling...
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