NEW YORK (TheStreet) -- Shares of Tencent Holdings (TCEHY) are down -6.06% to $62.30 amid growing concern that Internet companies are overvalued, Bloomberg reports.

Yahoo Japan Corp. (YAHOF) is down -9.19% to $4.25, and Rakuten Inc. (RKUNF)  is down -4.44% to $13.10.

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Technology companies have led gains in Asian shares during the past 12 months on speculation growing demand for social networking, e-commerce and online games will boost earnings and fuel takeovers in the industry. Speculation that the rally has gone too far is building, with Twitter Inc. (TWTR - Get Report) plunging as much as 11% percent in extended trading as user growth slowed, Bloomberg noted.

The Bloomberg Asia Pacific Internet Index fell 2.8% today to the lowest level since December 4, paring its gain during the past 12 months to 28%.

The MSCI Asia Pacific Index fell 3.5% in the same period.

TCEHY Chart

TCEHY data by YCharts

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