Samsung Electronics Rises to 2nd in Asia by Market Cap... Impact of Sharp Decline in Tencent Stock Price
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Samsung Electronics surpassed Tencent to become the second-largest company by market capitalization in Asia for the first time in 8 years. This was due to a sharp decline in Tencent's stock price.
According to Bloomberg on the 22nd, Tencent's stock price fell about 16% on the Hong Kong stock exchange that day, wiping out $47 billion (approximately 61 trillion KRW) in market value. This was a result of the Chinese authorities announcing new regulations on online games.
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On the same day, Samsung Electronics recorded a market capitalization of $348 billion (approximately 453 trillion KRW), overtaking Tencent for the first time since 2015 to become the second-largest company in Asia. The largest company in Asia is Taiwan's biggest foundry (semiconductor contract manufacturing) company, TSMC.
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