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US move to ban WeChat wipes out billions from Chinese and SA markets

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South Africa Headlines News

Declines wipe off about R200bn in shareholder value from the Naspers stable

The Trump administration’s move to ban US residents from doing business with Chinese-based Tencent’s WeChat messaging service ripped through markets, erasing $46bn from the internet giant’s market value and taking out billions from the JSE’s biggest company, Naspers.

Naspers, with 31.2% via internet consumer group Prosus, is the largest single shareholder in Tencent, the WeChat owner. Shares in Prosus fell the most since May 27 on Friday, after the White House moved to restrict US companies from doing business with Tencent, China’s largest gaming and social media company.

 

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