August 18, 2021 | Investopaper
Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest chip maker, has become the most valuable company in Asia.
TSMC surpassed Chinese company Tencent as the most valuable company in Asia.
The values of Chinese companies, including Tencent and Alibaba, have plummeted over the past few months due to tightening by the government in the technology sector. China’s market regulator has tightened anti-monopoly and anti-competition laws. China has also stepped up surveillance in the field of financial technology.
TSMC has a market capitalization of more than 538 billion dollars. Tencent, in second place, has a market value of 536 billion dollars. Alibaba is in third place with a market capitalization of 472 billion dollars.
Both Tencent and Alibaba lost more than 20 billion dollars on Tuesday alone after Chinese market regulators issued new regulations to curb unfair competition in the Internet sector.