Tencent has lost its title as China’s biggest company, the latest sign of how far regulatory risk and dimming growth prospects have set back the country’s tech industry.
Only a year ago Chinese stocks in the United States were enjoying an unprecedented boom. Now they’re mired in a 72-percent plunge that’s on the cusp of matching losses during the 2008 financial crisis and within spitting distance of the Nasdaq Composite Index’s 78 percent peak-to-trough slump during early…