Tencent, the world’s largest gaming company and one of the biggest social media service owners, saw its stock plummet in 2018, costing investors as much as $271 billion in losses. Tencent shares are now seeing a massive recovery fueled by opportunities from “Fortnite” and “Apex Legends” in China’s booming gaming sector and improving sentiment in the domestic stock market.
Tencent Stock Rebounds 50% Compared to Last October
Tencent’s share price has pumped over 8% this week alone. According to Bloomberg reporting and exchange data, Asian investors poured $304 million into Tencent stock on Monday. This compared to a dramatic low in October 2018 which saw the company plunge from being the world’s 5th-largest company by market value, right out of the top ten.