Tencent Hits Lowest Price in Five Years on China Economy Concern

China delayed the release of key economic indicators and reiterated its commitment to a “zero-Covid” strategy at its twice-a-decade Communist Party congress. Photo: Bloomberg

(Bloomberg) — Tencent Holdings Ltd. closed at its lowest point in five years as investor sentiment turned negative following concerns over China’s macro outlook.

Shares of the WeChat operator fell as much as 5.3% in Hong Kong trading Thursday, ending the day at HK$232.40 ($29.6) per share — its lowest point since early 2017. The pared some of its losses in the Friday morning session and was trading around HK$235 in the early afternoon.