Has Tencent lost its way?

Tencent Holdings, one of the biggest internet companies in China, appears to be drifting out of favor among investors. Its share price has fallen around 20 percent from its peak in January, a signal that the shares may be entering the bear territory.

A recent online article criticized the company for spending too much time seeking deals and investments, rather than developing its own products. Titled “Has Tencent lost its dream?”, the essay went viral on the internet, drawing a lot of responses, including those from top technology executives.