For a clue on how bearish foreign investors have become about Chinese stocks, take a look at Tencent Holdings Ltd. The Shenzhen-based technology giant has tumbled 13 percent from its September record, wiping $35 billion off the value of its shares, as overseas funds pulled money from Hong Kong and Chinese equities. The company’s large weighting on the Hang Seng Index — at 10 percent — helped make Hong Kong’s benchmark stock gauge one of the world’s worst performers last quarter.