TCEHY - Why Tencent Pinduoduo and Trip.com Got Rocked Today
Shares of Tencent Holdings (OTC: TCEHY) , Pinduoduo (NASDAQ: PDD) , and Trip.com (NASDAQ: TCOM) were plummeting today, down 10%, 20.5%, and 13.5%, respectively, as of the end of trading.
There was a trifecta of bad news today regarding Chinese stocks. First, the Wall Street Journal reported that Tencent is facing a potential fine, in another chapter in China's year-long regulatory crackdown on its tech sector.
Second, China is experiencing an Omicron outbreak, and therefore the government is locking down several key cities, including technology hub Shenhzen.
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Why Tencent, Pinduoduo, and Trip.com Got Rocked Today