People walk and cycle past Tencent Holdings Ltd.’s headquarters, center, in Shenzhen, China. (Photographer: Qilai Shen/Bloomberg)

Tencent Is No Longer One of the World's 10 Biggest Companies

(Bloomberg) -- More bad news for Tencent Holdings Ltd.: the Chinese Internet giant has lost its spot as one of the world’s 10 biggest companies.

After shedding over $200 billion in market value this year, more than any other company worldwide, Tencent has been replaced by Exxon Mobil Corp. in the top of the rankings based on market capitalization. When its share price hit a record high in January, the Shenzhen-based company was in the top five along with Apple Inc., Alphabet Inc., Microsoft Corp. and Amazon.com Inc.

Tencent Is No Longer One of the World's 10 Biggest Companies

Tencent returned more than 67,000 percent from its initial public offering through January, but then turned south this year on a run of bad news including a rare drop in profit and a regulatory crackdown on gaming in China. Tencent has tumbled 40 percent in Hong Kong since Jan. 23, and fell for a ninth straight day Wednesday, its worst ever run. The stock closed down 2.5 percent.

Mitchell Green, Santa Barbara-based founding partner of Lead Edge Capital which manages $1.5 billion of assets, said the selloff could continue as investors panic.

Tencent’s market cap is now $348 billion, while Exxon Mobil’s is $365 billion.

©2018 Bloomberg L.P.