With investors chasing the latest meme stock, cryptocurrency, or new IPO or SPAC, large-cap tech stocks like Tencent (OTC: TCEHY) may seem like yesterday's news. In fact, you may not have noticed, but Tencent's stock has corrected more than 20% of its 2021 highs.
The sell-off doesn't appear to be due to anything wrong with Tencent's business, but rather outside factors such as inflation fears, growing U.S.-China tensions, and the ongoing anti-monopoly crackdown in China. Yet with a strong, diverse, and growing business, along with a lower stock price, Tencent looks like a solid value at today's prices, as the above concerns appear baked into its stock price.
Tencent remains a pillar of the Chinese tech economy. Image source: Getty Images.
Source Fool.com