Tencent’s stock dropped 2.3% amid the Hong Kong protests on Thursday, making it the worst performer on the Hang Seng Index (HSI), while Alibaba celebrates massive earnings from China’s “singles day.” While Alibaba and Tencent remain two of China’s most valuable tech companies, Tencent is suffering while Alibaba stock has risen by 33% this year.
Tencent has a huge gaming business, as well as WeChat, a super-app that can be used for social networking and digital payments while Alibaba is an e-commerce company. Analysts point out that, historically, the two companies have performed similarly; over the past 20 years each has grown by roughly 30%, and their market caps were similar.
Read More: Tencent vs. Alibaba: Why one Chinese titan is slumping while the other soars
