Tencent has lost about 20 per cent of its value since April; on Thursday, it dropped below HK$320 a share for the first time in 2019. (The Logic)

Talking point:  Tencent is facing pressure from all sides. This week, it broke with China’s state broadcaster and aired NBA games, attracting about 25 million viewers. Investors from mainland China sold US$54 million in its stock following the decision, controversial because of Houston Rockets general manager Daryl Morey’s tweet earlier this month in support of the Hong Kong protests. NBA commissioner Adam Silver said this week he wants to stay engaged with China, and that there were some signs of de-escalation in the dispute over Morey’s comments. The next day, however, ex-NBA star Shaquille O’Neal further fanned the flames, saying Morey was right. Even if Tencent can manage the NBA criticism, it’s up against a host of other issues. It’s facing a decrease in revenue—not to mention plenty of online backlash—after Blizzard, a video game firm in which it has a stake, suspended a player for making pro-Hong Kong statements. China is also considering new rules for online gambling, one of Tencent’s most lucrative product lines. And this week, Tencent said Facebook’s Libra would pose a threat to its WeChat Pay system.