Tencent, the Chinese technology and video gaming colossus you will understand for running a piece of apparently every thing (starts in brand new tab) in games industry, isn’t any much longer Asia’s most effective business. Bloomberg reports (starts in brand new tab) that Tencent’s stock cost has struck a five-year low, and its own general market capitalisation ended up being overtaken later final thirty days by—of all things—Kweichow Moutai, a Guizhou-based company specialising in manufacturing of Maotai rice wine. At time of writing, Kweichow Moutai possessed a $235 million lead over Tencent’s market limit.

This could have been unthinkable simply this past year, whenever Tencent ended up being dealing at between $50 and $90 per share and ended up being effortlessly probably the most valuable business in Asia, but Tencent’s fortunes were brought low by the increasingly aggressive domestic environment. A variety of Asia’s technology crackdown (starts in brand new tab), strict COVID policies (starts in brand new tab), and generally speaking flagging financial development are making it difficult for Tencent—and a good amount of other Chinese companies—to conduct business. Tencent has cleaned $650 billion off its market limit considering that the start of 2021.

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