腾讯今年市值蒸发近4成，发生了什么？

Tencent is exposed to a double dose of pain as a global tech rout gathers pace.

随着全球科技股下挫，腾讯承受着格外大痛苦 。

On Wednesday, United States technology stocks fell sharply. But even against that backdrop and a similar plight afflicting Chinese rivals, the Hong Kong-listed gaming giant Tencent stands apart. It has lost $230 billion of market value from its peak in January, which is magnified by fickle Chinese traders and its exposure to emerging markets.

周三，美国科技股暴跌。但即使是在这一背景下，且它的中国竞争对手也存在类似困境，在香港上市的游戏巨头腾讯还是有所不同。这家公司市值自一月达到最高点后，已经蒸发2300亿美元，情况因多变的中国交易者以及公司暴露于新兴市场风险而加剧。

Investors have wiped out about 40 percent of the tech titan’s market value so far this year: it is now worth $348 billion. That compares to the less than 30 percent declines suffered by its U.S.-listed Chinese rivals Alibaba and Baidu over the same period. Slowing earnings growth and an unforeseen regulatory crackdown on mobile games, Tencent’s core business, by the Chinese government triggered the slump. But it has since snowballed amid escalating U.S.-China trade tensions and concerns of a slowing economy in the People’s Republic.

迄今为止，投资者今年已经抹去了这家科技巨头约40%的市值：该公司如今价值3480亿美元。同期在美国上市的中国竞争对手阿里巴巴和百度股价下跌不到30%。营收增长放缓和中国政府对腾讯核心业务手游令人始料未及的监管打压是股价暴跌的诱因。但这一情况在美中贸易紧张关系不断升级，外界对中国经济放缓的担忧中像滚雪球般越滚越大。

Tencent’s listing location is one reason it is getting hit harder than other tech companies. Analysts at BNP Paribas believe that it’s currently the top-selling name on the Stock Connect scheme linking mainland exchanges to Hong Kong, which allows investors in China to trade the company’s shares. That means Tencent is exposed to flighty Chinese investors, who tend to be quicker than most to buy and sell, making the good times richer — and the bad times poorer.

腾讯的上市地点是该公司比其他科技公司受打击更加严重的原因之一。法国巴黎银行(BNP Paribas)的分析师认为，目前在大陆与香港股市互联互通机制中——该机制让中国投资者得以交易公司的股票——腾讯的股票是被抛售最多的。这意味着腾讯要受到反复无常的中国投资者的影响，他们通常在买卖方面动作格外快，这意味着好的时候会更好——糟的时候会更糟。

A capital flight is also playing a part. Tencent is the top company in the MSCI Emerging Markets Index, with a 4.5 percent weighting. The index has slumped 14 percent this year, largely because of outflows from riskier markets as the U.S. Federal Reserve has tightened monetary policy. By contrast, Alibaba’s weighting in the index is 3.7 percent and Baidu’s only 1.2 percent.

资本外逃可能也是原因之一。腾讯是MSCI新兴市场指数中排名最高的公司，权重为4.5%。该指数今年已经暴跌14%，很大程度上是因为随着美联储收紧货币政策，资金从高风险市场撤出。与此形成对比的是，阿里巴巴在该指数中的权重为3.7%，百度仅为1.2%。

Tencent has responded to its decline with share buybacks. The company has been stepping up repurchases, spending $100 million since September, according to filings. But the amount it has bought — just 0.03 percent of its shares outstanding — is too small to make a real difference. Tencent shares still trade at almost 26 times forward earnings, according to Refinitiv data, but the premium is narrowing to its top rival Alibaba at 23 times.

腾讯以股份回购作为对股价下跌的回应。这家公司加快了买回股份的脚步，根据报备文件显示，腾讯自9月以来在这方面花了1亿美元。但回购量还是太少——只有其流通在外股票的0.03%——无法产生真正意义上的影响。Refinitiv数据显示，腾讯股份的远期市盈率仍达26倍，但与23倍的头号竞争对手阿里巴巴的溢价差距在缩小。

If that closes, Tencent will have one more thing to worry about.

如果这一差距消失，腾讯就又多了一件要担心的事情。