Tencent, the Chinese tech and gaming colossus that you’ll know for owning a slice of seemingly everything (opens in new tab) in the games industry, is no longer China’s most valuable company. Bloomberg reports (opens in new tab) that Tencent’s stock price has hit a five-year low, and its overall market capitalisation was overtaken late last month by—of all things—Kweichow Moutai, a Guizhou-based firm specialising in the production of Maotai rice wine. At time of writing, Kweichow Moutai had a $235 million lead over Tencent’s market cap.

This would have been unthinkable just last year, when Tencent was trading at between $50 and $90 per share and was easily the most valuable company in China, but Tencent’s fortunes have been brought low by the increasingly hostile domestic environment. A combination of China’s tech crackdown (opens in new tab), strict COVID policies (opens in new tab), and generally flagging economic growth have made it hard for Tencent—and plenty of other Chinese companies—to do business. Tencent has wiped $650 billion off its market cap since the beginning of 2021.

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