Since March, the Chinese streaming giant has lost roughly $38 billion in market value. Investors and analysts are feeling more skeptical about Tencent Music Entertainment’s future since the Chinese government regulatory crackdown on the music streaming company began on July 23. J.P. Morgan downgraded TME’s stock on Thursday to neutral, driving stock down 6.2% as of Friday’s (Aug. 13) market close. As recently as March 23, Tencent stock was at an all-time high of $32.25, but since then have fallen 69.6% to $9.80 as of Friday, eliminating roughly $38 billion of market value.