After plunging to a 6-year low in October 2022, Tencent Holdings Ltd (TCEHY) rallied to a 17-month high in January. However, the stock has since moved sideways as the company has fallen out of favor with Chinese investors.
According to Bloomberg data, onshore investors have sold Tencent Holding shares on a net basis for two months in a row (June-July) for the first time since 2021. Investors unloaded $375 million of Tencent shares in July through trading links between the Hong Kong, Shenzhen, and Shanghai exchanges.
