PLTK - Tencent Music other Chinese names lead weekly losers in Communications Services

It wasn't a week for huge gainers in the Communications Services sector, but big Chinese names faced a bit of a wipeout. Stocks in the sector fell 0.38% for the week, in the middle of the pack among S&P sectors. The top four losers among large-cap stocks in the sector were Chinese companies roiled by headlines, including noise persisting from last week about even more regulation of Chinese technology. And the crackdown came alongside a direct warning from SEC Chairman Gary Gensler that investors in Chinese names may actually be investing in a shell company in the Cayman Islands, due to certain prohibitions on direct investment from outsiders. Tencent Music Entertainment (NYSE:TME) was far and away the big loser, down 24% this week with one heavy hit coming after the company edged profit expectations but missed on revenues. The company also reportedly may be delaying its Hong Kong IPO until next year.

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Tencent Music, other Chinese names lead weekly losers in Communications Services