The company's stock fell 2.3% in Hong Kong on Thursday, making it the day's worst performer on the Hang Seng Index. It was also Tencent's biggest daily percentage drop in three weeks.
On Monday, Alibaba once again broke its record for Singles Day, the world's biggest annual shopping event that continuously rakes in more than Black Friday and Cyber Monday combined. Two days later, the e-commerce titan confirmed after months of speculation that it would hold a splashy secondary listing in Hong Kong. It aims to raise up to $13.4 billion in what would likely be the world's second-largest public offering this year.
Bernstein predicted earlier this year that Tencent's revenue will grow slower than Alibaba's for the next three years because the WeChat owner's business is spread out across several segments that are growing at different paces.Tencent, which is the world's largest gaming company, was hit hard by a regulatory crackdown on the sector in China last year.
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