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Taiwan’s TSMC gains as Tencent, Alibaba lose market value

TSMC had market capitalization of US$564.4 billion as of Aug. 30

TSMC Tainan office building (Reuters photo)

TSMC Tainan office building (Reuters photo)

TAIPEI (Taiwan News) — Taiwan Semiconductor Manufacturing Co (TSMC) has seen its value rise while the combined market capitalization of China’s top two tech companies has dropped by US$330 billion in response to tightened restrictions from Beijing.

Nikkei specifically looked at the market cap for East Asian companies between the end of 2020 and Aug. 30 and found the value of several Chinese information technology companies had plunged due to antitrust penalties and new regulations, including listing restrictions, imposed by the Chinese government.

The report found that the market value of top-ranked Tencent Holdings dropped by 20% from the end of 2020 to US$574.3 billion on Aug. 30. Alibaba Group Holding saw its market cap retreat 30% to US$440.6 billion during the same time period, knocking it down from second to third place, per Nikkei.

TSMC for a short time moved ahead of Tencent as East Asia’s most valuable firm on Aug. 18. It currently sits in second place behind Tencent with a market capitalization of US$564.4 billion, an increase of more than 10% from the end of 2020, Nikkei said.

Updated : 2021-09-25 16:37 GMT+08:00