Tencent’s Battle With TSMC for Biggest Asian Stock Gets Fiercer
(Bloomberg) -- The competition for the crown of the biggest Asian company is getting tighter, with Beijing’s regulatory crackdown and a global semiconductor shortage shaking up the established order.
Chinese technology titan Tencent Holdings Ltd. is finding it harder to hold Asia’s top ranking for market capitalization amid tougher rules that sparked a 40% slide from its February peak.
Tencent’s lead over Taiwan Semiconductor Manufacturing Co. has been cut to $20 billion at a time when its rival is enjoying strong demand for its products which are essential to everything from iPhones to cars and fridges.
The stock was down 2.9% at 11:20 a.m. in Hong Kong while TSMC slipped 2.4% in Taipei.
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