Tencent (腾讯)
Fast facts
- Year Founded
- 1998
Source: Tencent Website www.tencent.com/en-us/about.html
- HQ Location
- Shenzhen, Guangdong, China
- Publicly Traded?
- Yes
- Overseas Operations
- Yes
Tencent underwent its most aggressive investment period in 2020, with nearly a quarter of its yearly revenue (17 billion) channeled into foreign investment alone. It currently has offices in Amsterdam, Bangkok, Kuala Lumpur and Singapore, Taipei, Seoul, Tokyo, Palo Alto, and Los Angeles. In 2020, Tencent doubled its overseas revenue, but it only accounted for 7% of its total sales. The company is known for its worldwide popular video games such as “PUBG Mobile” and “League of Legends”. At the same time, it owns minority stakes in many foreign game makers, including “Fortnite” developer Epic Games and Activision Blizzard. WeChat Pay has also been part of Tencent’s overseas expansion project. As of now, WeChat Pay is open to 49 countries and supports settlement in 16 foreign currencies. Lastly, Tencent owns Tencent Cloud International, which operates in 68 availability zones and spreads across 27 regions globally. It is now the third-largest provider of cloud-infrastructure service in China, behind Alibaba Group Holding Ltd. and Huawei Technologies Co.Source: 1. Tencent Website 2. IT Juzi 3. The Wall Street Journal 4. WeChat 5. Tencent Cloud Website 1. https://www.tencent.com/en-us/about.html
- US Sanctions
- No
- Military Affiliation in China
- No
Revenue
2020Source: Tencent 2020 Annual Report static.www.tencent.com/uploads/2021/04/08/960eae1f18dd716fd3a7d704e123d7a5.pdf
Valuation
Valuation is reported as enterprise value. It was last updated on November 11, 2021.Source: Yahoo Finance finance.yahoo.com/quote/TCEHY/key-statistics
Employees
Source: Tencent 2020 Annual Report static.www.tencent.com/uploads/2021/04/08/960eae1f18dd716fd3a7d704e123d7a5.pdf
Based in Shenzhen, Tencent is one of the world’s largest technology companies. Its businesses span a wide array of internet-related services including entertainment (gaming and music), social media, artificial intelligence, banking, and payment systems.
Tencent owns the most widely used communication platforms across China including the instant messaging app QQ and WeChat. WeChat has become a communication tool and ID that is more essential than a phone number for daily life in China. It also owns Tencent Music Entertainment, which boasts more than 700 million active users and 120 million paying subscribers.
In 2016, Tencent, together with electronics manufacturer Foxconn and luxury car dealer Harmony New Energy Auto, founded Future Mobility (now known as Byton), a pure all-electric vehicle startup. Tencent has created its own AI self-driving program, a competitor to Baidu’s Apollo Project, recruiting numerous industry players.
MIH TC is controlled by Naspers Limited, a South African holding company. Advance Data Services Limited is wholly-owned by Ma Huateng.
Source: Tencent 2020 Annual Report static.www.tencent.com/uploads/2021/04/08/960eae1f18dd716fd3a7d704e123d7a5.pdf
-
- Name
- Ownership
-
- MIH TC Holdings Limited
Source: Tencent 2020 Annual Report static.www.tencent.com/uploads/2021/04/08/960eae1f18dd716fd3a7d704e123d7a5.pdf
- 30.87%
- MIH TC Holdings Limited
-
- Advance Data Services Limited
Source: Tencent 2020 Annual Report static.www.tencent.com/uploads/2021/04/08/960eae1f18dd716fd3a7d704e123d7a5.pdf
- 8.39%
- Advance Data Services Limited
-
- Lau Chi Ping Martin
Source: Tencent 2020 Annual Report static.www.tencent.com/uploads/2021/04/08/960eae1f18dd716fd3a7d704e123d7a5.pdf
- 0.56%
- Lau Chi Ping Martin
- Ma Huateng (马化腾), Founder and CEO
- Lau Chi Ping, Executive Director and President
- Xu Chenye, Co-Founder, Chief Information Officer
Tencent underwent its most aggressive investment period in 2020, with nearly a quarter of its yearly revenue (17 billion) channeled into foreign investment alone. It currently has offices in Amsterdam, Bangkok, Kuala Lumpur and Singapore, Taipei, Seoul, Tokyo, Palo Alto, and Los Angeles. In 2020, Tencent doubled its overseas revenue, but it only accounted for 7% of its total sales. The company is known for its worldwide popular video games such as “PUBG Mobile” and “League of Legends”. At the same time, it owns minority stakes in many foreign game makers, including “Fortnite” developer Epic Games and Activision Blizzard. WeChat Pay has also been part of Tencent’s overseas expansion project. As of now, WeChat Pay is open to 49 countries and supports settlement in 16 foreign currencies. Lastly, Tencent owns Tencent Cloud International, which operates in 68 availability zones and spreads across 27 regions globally. It is now the third-largest provider of cloud-infrastructure service in China, behind Alibaba Group Holding Ltd. and Huawei Technologies Co.
Source: 1. Tencent Website 2. IT Juzi 3. The Wall Street Journal 4. WeChat 5. Tencent Cloud Website 1. https://www.tencent.com/en-us/about.html
Tencent Sanctions
While at this time it appears that this company is not the subject of any U.S. or other global sanctions, it is important to note that Chinese companies tend to have more opaque organizational structures than their Western peers. Chinese companies' affiliated brands, operating units, and overseas subsidiaries are not always obvious or even identifiable. Given this, a Chinese company may not be the subject of sanctions, but one of its subsidiaries may be, thus making it difficult to accurately ascertain a company's full sanctions status.
Tencent Reputational Disclosures
Tencent shares have fallen 42% from a January 2021 high as authorities moved to curb anti-monopoly practices among tech giants. The state-owned Economic Information Daily described games as “spiritual opium” and “electronic drugs,” prompting the company to broach a ban for kids.
China’s Ministry of Industry and Information Technology has told app stores and platforms to implement the order against Tencent apps from November 24, 2021 in a harsh administrative punishment against the tech giant. The regulatory move comes amid Beijing’s ongoing scrutiny of the country’s tech sector. Beijing has been turbocharging its legislative efforts to regulate data in the country.
Source: Bloomberg www.bloomberg.com/news/articles/2021-08-03/tencent-plummets-as-chinese-crackdown-fears-persistSource: South China Morning Post www.scmp.com/tech/big-tech/article/3157237/china-suspends-tencent-updating-existing-apps-or-launching-new-apps
The latest news on Tencent from SupChina
Smart trash cans but no social media in new ‘digital economic development plan’
Beijing’s campaign to tame the internet platforms doesn’t mean an aversion to digital technology. But the government wants technology deployed in the real economy, to make factories more efficient, and cities and villages better places to live.
Cloud computing startup bags $40 million in angel financing round
Jiuzhu Network Technology, a cloud computing and networking startup, has raised $40 million in an angel financing round on the back of growing demand for remote work.
Tencent off-loads share in gaming company
Tencent has off-loaded $3 billion worth of shares in the Singapore-based gaming and ecommerce firm Sea, in a move to align its portfolio to match the priorities of Beijing’s “common prosperity” and sustainability push.
A star worker’s suicide at Tencent
Chinese tech company workers and internet users are less than satisfied with Tencent’s explanation of a young employee’s suicide.
Chinese tech philanthropy in the age of ‘common prosperity’
In China, tech companies are facing particular pressure to showcase social responsibility. Xi Jinping acknowledged that the “new round of technological revolution and industrial transformation is giving a strong impetus to economic development.” However, he also pointed out that its negative effects on employment and income distribution need to be “effectively addressed and resolved.”
Editor’s note for Friday, October 1, 2021
A note for Access newsletter readers from Jeremy Goldkorn. Today: Power cuts continue to affect factories and residential areas; U.S. Trade Representative Katherine Tai set to unveil trade strategy on October 4; and two corruption cases advance, including that of former top cop Sūn Lìjūn 孙力军, who reportedly has some connection with Tencent.
Chinese investors pile into ‘metaverse,’ despite official warnings
“Investment is not a virtual game,” a commentary in state-run Chinese media said earlier this month, warning investors to avoid augmented and virtual reality “metaverse” products. Investors did not listen — Beijing-based Nreal, an augmented reality technology company, just completed a Series C funding round of over $100 million.
China steps up antitrust campaign with new draft rules targeting internet companies
China’s State Administration for Market Regulation published a set of draft regulations on internet companies that was remarkable for its detailed list of prohibited behaviors.
Shares plunge as Beijing pushes ahead with new rules for education and tech companies
Investors are fleeing Chinese education stocks and pricing in risks across a range of industries as Beijing heats up a long-brewing regulatory storm.
On a dry spreadsheet, lives to be saved: How a collaborative document helped flood rescue efforts in Zhengzhou
As floodwaters in Henan Province recede, China’s tech giants are doing their best to do their civic duty with large aid donations and online tools to help victims.
The latest news on Tencent from across the web
China Fines Alibaba, Tencent in Latest Antitrust Investigation
Just another day in antitrust enforcement: “Alibaba, Tencent, and Baidu are the target of another round of antitrust fines on Saturday [November 20] totaling 21.5 million yuan ($3.4 million),” per Bloomberg via Caixin. Other big names in China tech such as JD.com, ByteDance, and Meituan were also “fined 500,000 yuan ($78,000) for each violation” of antitrust law, TechNode reports. Caixin notes that the “first salvo since the appointment of Gān Lín 甘霖 as the head of the country’s anti-monopoly bureau” was met mostly with a shrug by markets.
Tencent ends content creator incentive project after backlash · TechNode
Tencent is ending an incentive program to attract content creators to its video platform from competitors like Bilibili and Kuaishou after accusations the company lured them in with false promises.
China Evergrande to Shed Stake in Tencent-Backed Venture for $273 Million
Cash-strapped property giant Evergrande said it will sell its entire stake in a provider of video streaming and Internet home services—in which it invested jointly with internet behemoth Tencent in 2015—for $273 million.
South African payments gateway Ozow raises $48M Series B led by Tencent
Tencent led a $48 million funding round for South African startup Ozow, which aims to make financial services more widely accessible to underbanked South Africans.
China’s game licensing freeze could soon thaw, as stocks jump at the news
Regulators will restart video game approvals later this month, ending the longest licensing freeze since 2018, and bringing relief to developers increasingly looking to international markets.
36氪独家｜小红书完成新一轮5亿美元融资，投后估值高达200亿美元_详细解读_最新资讯_热点事件_36氪
Social commerce app Xiaohongshu’s valuation is up to $20 billion, doubling within half a year, after raising $500 million from investors including Tencent and Alibaba.
Tencent launches three new chips as China's tech giants bolster efforts in semiconductors
Tencent is joining China’s race for semiconductor self-sufficiency, designing three chips for various AI and networking applications, per CNBC. But like others, these chips would rely on overseas ARM architecture, which could pose geopolitical risks, as Paul Triolo explained on SupChina.
China ministry orders 38 apps to rectify excessive collection of personal data
The government has ordered 38 apps from several companies, including Tencent and Xiaohongshu, to rein in their data collection practices two days after its sweeping Personal Information Protection Law went into effect.
miHoYo joins Alibaba, Tencent, picking Singapore as key international hub
Gaming company expands to Singapore: miHoYo, owner of the massive hit video game Genshin Impact, is the latest of several Chinese companies placing bets on the business-friendly city-state.
T3出行完成A轮77亿元融资，中信联合体领投_实时热点_热点聚焦_36氪快讯_36氪
Ride-hailer bags huge Series A: Alibaba– and Tencent-backed T3, a rising Didi competitor, just raised $1.2 billion in the largest haul of any ride-hailing company since 2018.
Is China’s virtual idol boom a trend with staying power? · TechNode
Virtual influencers gain traction: Perhaps looking to avoid scandals and controversies around human representatives, companies are turning to digital characters to promote their brands and products.
Alibaba, Tencent rename their NFTs as ‘digital collectibles’ amid bubble fears
The two companies’ rebranding moves followed state media’s recent warning of a potentially ‘huge bubble’ in the new digital asset market.
Tencent said to form gaming studio for metaverse-like developments
Tencent enters the metaverse: While Facebook reinvents itself with a focus on virtual worlds, Tencent’s gaming division is assembling a new studio across four countries to design its own.
China Weighs Opening Tencent, ByteDance Content to Search, Sources Say
Imagine if Facebook posts showed up in YouTube search results. Beijing may ask Tencent and ByteDance to make such a thing possible, aiming to break down barriers between tech platforms.
Tencent pits its own Honor of Kings and League of Legends against each other
League of Legends: Wild Rift is starting strong in China, and that's not good news to Tencent's biggest gaming cash cow
Ant Group, Tencent open their ‘walled gardens’ to UnionPay
State-owned UnionPay’s mobile payment service is getting wider access to the platforms of industry giants Alipay and WeChat Pay.
U.S. and Chinese Regulators Are in a Bind Over a Three-Letter Acronym
Variable interest entities enabled Chinese companies including Alibaba to raise money in the U.S. Now, VIEs are facing increasing scrutiny at home and in the U.S.
Headache for China’s game developers as memo details Beijing’s red lines
According to memo seen by the Post, games are a new art form that must highlight ‘correct values’ and an accurate understanding of China’s history and culture.
South Korea Is Beating Hong Kong in IPO Proceeds This Quarter
South Korea’s market for initial public offerings has been on fire in the third quarter, with record proceeds that are set to surpass Hong Kong’s for the first time since 2017.
An older China gets bigger WeChat fonts and buttons
Tencent is answering Beijing’s call to help close the digital divide with WeChat’s ‘Care Mode’ for elderly users, which enlarges fonts and buttons and changes the colour scheme.
Alibaba Offers WeChat Pay on Apps as China Cracks Down on Tech
Alibaba Group Holding Ltd. added rival Tencent Holdings Ltd.’s payment system to some of its apps, further widening cracks in the internet giants’ walled-off ecosystems.
China’s 10-year plan for kids: more control on games and live streams
In Beijing’s latest guidelines for children’s development, Chinese leaders want tighter measures to classify games, review content and protect minors’ online privacy.
It's Going to Get Easier to Use China's Apps
Hi all, it’s Zheping in Hong Kong. My life as a Chinese app super user is finally getting easier, but first…
Xi Jinping Aims to Rein In Chinese Capitalism, Hew to Mao’s Socialist Vision
Going well beyond curbing tech giants, he wants the Communist party to steer flows of money and set tighter limits on profit making, his speeches show and officials say. More turbulence for foreign businesses is likely.
Opinion | What Explains Xi’s Pivot to the State?
He’s wagering it will help him achieve his goal of a record third term as paramount leader.
China Defends Tech Crackdown in Meeting With Wall Street Chiefs
China’s top regulators defended their market-roiling crackdown on various industries in a meeting with Wall Street executives, while reassuring them the stricter rules aren’t aimed at stifling technology companies or the private sector.
China Is Said to Slow Game Approvals to Enforce Strict New Rules
Chinese regulators are reviewing new games to determine whether they meet stricter criteria around content and protections for kids, people familiar with the matter said, an effort that’s likely to slow rollouts in the world’s largest mobile arena.
China Tells Internet Companies to Stop Blocking Links From Rivals
Tencent, Alibaba, ByteDance and other technology companies were called to a meeting with Chinese officials last week, as Beijing seeks to end a practice that has become common in the past few years.
Chinese Videogame Stocks Fall After Summons From Regulators
Tencent, NetEase and others were ordered by government regulators to follow recent regulations imposing tighter restrictions over minors’ playing time.
China’s regulators said to slow new video game approvals
A slowdown in licensing new video games is in line with China’s campaign to reduce gaming addiction in minors, according to people with knowledge of the matter.
Tencent-Backed Tech Giant Sea Taps Investors for $6 Billion
Southeast Asia’s most valuable listed company, Sea, is capitalizing on investor enthusiasm for the region’s fast-growing technology industry.
Traders Rush to Dump China Tech Stocks as Gaming Targeted Again
Technology stocks led Chinese shares lower on Thursday after Beijing took aim at gaming companies for focusing solely on profit, underscoring the risk of calling a bottom to the market.
China Tells Gaming Firms to End ‘Solitary’ Focus on Profit
Chinese regulators summoned gaming companies including Tencent Holdings Ltd. and Netease Inc. to discuss further oversight of the industry and the need to deemphasize profits, prompting a steep share selloff.
Chinese authorities call in Tencent, NetEase, others for talk on gaming
Many parents have expressed concerns that kids can find workarounds to circumvent play-time restrictions on games.
China Tech Stocks Meituan, Alibaba Jump After Tencent Share Buyback
Chinese technology stocks rallied to their highest level in more than a month after a new round of share buybacks by Tencent Holdings Ltd boosted market sentiment.
China Finance Regulators Pledge to Tighten Supervision
Chinese officials pledged to tighten supervision in the financial services industry, suggesting a recent regulatory onslaught on the private sector that sent shock waves globally is not over yet.
Alibaba earmarks US$15.5 billion to help China close nation’s wealth gap
The move follows a call last month by Chinese President Xi Jinping for companies to “adjust” high income levels, in a prod for wealthy individuals and companies to “give back to society”.
China’s gaming giants rush to comply with Beijing’s time limit for kids
Tencent rolled out an update to its signature mobile game Honour of Kings to comply with the new rule, while its esports arm TJ Sports said it would overhaul its tournaments.
China gaming stocks rally despite regulators limiting kids' playing time
Chinese regulators announced that minors would only be allowed to play online games for three hours a week, a dramatic tightening of previous regulations.
Tencent officially ends exclusive music licensing as rivals jump in
Tencent Music said its exclusive licensing deals with labels had come to an end as of August 23, as ordered by China’s antitrust watchdog, opening the door to rivals.
Tencent Snapped Up by China Traders After Two-Month Selloff
Chinese investors piled back into beleaguered Tencent Holdings Ltd. in August, braving a relentless tech crackdown from Beijing that almost halved its stock price.
China’s hard stance on video gaming puts spotlight on grey market
China’s tightened limits for kids’ gaming time is expected to steer young people to find alternative platforms on which to play without restriction.
Factbox: From tech to education, China's season of regulatory crackdown
China has launched a multi-pronged crackdown on its tech companies, leaving startups and decades-old firms alike operating in a new, uncertain environment. Chinese regulators have slashed the amount of time players under the age of 18 can spend on online games to an hour of gameplay on Fridays, weekends and holidays, in response to growing concern over gaming addiction, state media said on Monday. China's State Administration of Market Regulation (SAMR) said on Monday it would further regulate the sharing economy, a sector which includes companies facilitating ride-sharing, bike-sharing, home sharing and even the pooling of battery packs for phones.
China to Cleanse Online Content That ‘Bad-Mouths’ Its Economy
China kicked off a two-month campaign to crack down on commercial platforms and social media accounts that post finance-related information that’s deemed harmful to its economy.
Tencent Beefs Up Game Streaming Arm After China Kills Merger
Tencent Holdings Ltd. has begun re-deploying people and resources toward its own game streaming platform, after China blocked a merger that would have cemented the social media giant’s lead in a $3 billion sector.
Ray Dalio is wrong about China's tech crackdown, economist says
Billionaire investor Ray Dalio says investors are misconstruing China's tech crakcdown as "anti-capitalist." Economist George Magnus thinks that's "wrong."
Country Now Comes Before Profit For Companies in Xi’s China
China’s biggest companies are starting to make a habit out of giving away their earnings.
Tim Hortons China to Create Data Unit Amid Xi's Crackdown
The company running the Chinese business of Canadian coffee shop chain Tim Hortons is proposing a novel solution to address Beijing’s data security concerns as it seeks to go public in the U.S. through a blank check company.
Tencent-Backed Comics App Turns Unicorn in $240 Million Round
Kuaikan, a comics app backed by Tencent Holdings Ltd., has raised $240 million in a new funding round that elevated it to unicorn status, giving the company a boost as competition in China’s online entertainment arena intensifies.
China Tech Shares Stage Rebound After Five-Week Selloff
Chinese technology stocks rallied in Hong Kong on Monday as bargain hunters pounced in the wake of the sector’s worst rout in months.
BYD Chip Unit IPO Stalled as China Regulator Probes Adviser
The Shenzhen Stock Exchange said it’s suspended reviewing a share-sale application by BYD Co.’s chip unit following a regulatory probe of an adviser to the proposed initial public offering.
Even After $1.5 Trillion Rout, China Tech Traders See More Pain
Even a $1.5 trillion selloff may not provide an attractive entry point for equity investors as they grapple with cascading risks in China’s technology sector.
China Broadens Restrictions on Driver Data Gathered by Carmakers
China has broadened its crackdown on information gathered by automakers, as part of a wider campaign on how companies handle and protect user data.
Tencent answers call for ‘common prosperity’ with US$7.7 billion fund
The company says the fund will be used to boost the income of low-income groups, improve health care coverage, help rural economic development, and support grass roots education.
China Tech Rout Deepens as New Regulations Mulled; Alibaba Dives
The rout in Chinese technology giants deepened on Thursday after the industry was hit with a fresh round of proposed regulations.
Tencent Doubles Social Aid to $15 Billion as Scrutiny Grows
Tencent Holdings Ltd. is doubling the amount of money it’s setting aside for social responsibility programs, marking one of the largest philanthropic efforts by China’s internet giants as regulatory scrutiny intensifies.
Tencent to Work With Chinese Regulators to Limit Minors’ Online Game Time
The Chinese tech company made the pledge as it reported slowing revenue growth in electronic games amid China’s intensifying scrutiny of the tech sector.
Chinese president vows to ‘adjust excessive incomes’ of super rich
Chinese Communist party to crack down on almost weekly creation of billionaire company bosses
Tencent is Ready to Back its Biggest Investment Yet Ahead of Chinese Regulations
Humility and obedience are a required down payment for companies hoping to show their fealty to Chinese regulators.
Tencent Looks Abroad as Beijing Tightens the Screws at Home
With its credit in Beijing taking a steep nosedive, Tencent’s overseas expansion can soften the blow from regulatory ire at home.
Rift Forms on Didi’s Board Following Beijing’s Regulatory Assault
A rift has developed among the top executives of three of China’s internet giants, in the wake of Didi Global’s decision to go public in New York.
Tencent’s fintech outshines gaming revenue growth amid regulatory scrutiny
Chinese social media and gaming giant Tencent Holdings posted US$6.6 billion in second-quarter profit amid Beijing’s tighter scrutiny of Big Tech.
Tencent Warns of More China Tech Curbs After Growth Sputters
Tencent Holdings Ltd. warned investors to brace for more regulatory curbs on China’s tech sector, telegraphing that Beijing plans to expand restrictions over its internet giants.
Alibaba’s U.S. Shares Fall to Lowest Since 2019 as China Cracks Down
The shares of several tech companies declined after authorities in Beijing released a new round of proposed regulations.
Alibaba’s new blockchain auction site is selling rights to Star Wars art
A new section of Alibaba Auction allows artists to sell the rights to their works using blockchain, with bids next month starting at US$15 per piece.
China Tech Stocks Hit by Salvo of Criticism Over Games
Chinese technology stocks slumped Monday after sustaining another round of criticism from state media over online games.
China State Media Seeks Strengthened Oversight for Online Games
China should tighten regulations of online games to ensure they don’t misrepresent history, state media reported after a government-controlled agency criticized the industry earlier this month.
China’s Corporate Intervention Drives Investors to Industries Beijing Supports
The government corporate intervention in China that has hammered internet stocks is driving investors to sectors still in Beijing’s good graces.
Beijing’s tech crackdown trips trading debut of Tencent-backed Krafton
The PUBG: Battlegrounds creator’s disappointing launch has come after Chinese state media’s latest broadside against video gaming and market leader Tencent.
Alibaba Scandal Gives China's #MeToo Another Chance to Take Hold
Today’s top tech stories:
China Tech Stocks Rise as Analysts Turn Positive After Selloff
Chinese internet stocks rallied in Hong Kong on Tuesday after some brokers started to turn optimistic on the sector and said investors were making an attempt to find a bottom in prices after the recent selloff.
We Doctor Said to Face Data Queries From HKEX Ahead of IPO
We Doctor Holdings Ltd. is fielding queries about its data governance from Hong Kong Exchanges and Clearing Ltd. as the Chinese health-care startup pursues an initial public offering in the city, according to people familiar with the matter.
ByteDance Lays Off Hundreds After China’s Education Crackdown
TikTok-owner ByteDance Ltd. has laid off hundreds of employees as the social giant shuts down a significant part of its online education businesses to comply with Beijing’s new regulatory regime for the after-school tutoring industry.
China TikTok-Rival Kuaishou Craters, Widens China Tech Rout
Kuaishou Technology fell the most on record after a post-listing lockup on sales of its shares expired, underscoring the extent of investors’ fears about a widening Chinese online crackdown.
WeChat resumes new user registrations after ‘security upgrade’
WeChat had paused new user registrations so it could upgrade its “security technology to align with all relevant laws and regulations”.
Chinese state newspaper calls for higher taxes on gaming industry
China’s gaming industry needs to be taxed just any other traditional industry, according to an op-ed from one of the country’s influential state newspapers, joining the growing debate on how video games should be viewed and regulated.
China Wants Manufacturing—Not the Internet—to Lead the Economy
Even as Beijing unleashes a multifront regulatory assault against consumer internet companies, it continues to shower subsidies and protection on manufacturers, writes Greg Ip.
Shocked Investors Scour Xi’s Old Speeches to Find Next Target
As $1 trillion evaporated from Chinese stocks last week, some investors realized they hadn’t paid enough attention to the country’s most important man: President Xi Jinping.
China Century Missing In World's Most-Valued Companies
The dearth of Chinese enterprises at the top of the market capitalization rankings is a referendum on the world’s second-largest economy.
Tencent Bounces Back After State Media Soften Tone on Gaming
Chinese media including the Communist Party’s flagship newspaper toned down their criticism of the games industry on Wednesday, helping Tencent Holdings Ltd. and its peers recoup some of their losses from a market rout a day earlier.
Tech Stocks Fuel Hong Kong Reprieve Rally as China Money Returns
The return of Chinese investors and bargain hunters in tech stocks is giving Hong Kong’s equities market a reprieve from weeks of relentless selling.
Tencent, Japan Game Stocks Fall on Fears of China Gaming Crackdown
Japanese video game shares plunged in Tokyo Tuesday, as the country’s stock market was given a jolting reminder of how exposed some sectors are to the vagaries of Chinese regulation.
Chinese video game shares plunge after state media calls the products ‘spiritual opium.’
Investors reacted after months of increased pressure from Beijing aimed at the broader Chinese internet industry.
Chinese newspaper deletes report that called video gaming ‘spiritual opium’
The report by the Economic Information Daily singled out Tencent and its popular video game Honour of Kings.
Chinese newspaper labels gaming ‘spiritual opium’, names Tencent
The report from Xinhua-affiliated Economic Information Daily marks a strong attack on the country’s gaming industry and its leading player. However, the piece shows few signs that it represents the government’s official stance.
China’s gaming stocks on wild ride on state media’s broadside
Chinese gaming stocks plunged after state media slammed games as ‘spiritual opium’ and ‘electronic drugs’ amid Beijing’s crackdown in the technology space.
Tencent Sinks After China Denounces Online Gaming
Shares in Tencent and rivals plummeted after a state-owned newspaper criticized online gaming as “opium for the mind,” fueling concerns that the companies’ games could be swept up into a broader regulatory crackdown.
Fear Carries the Day in China Tech as Bargain Hunters Waver
The plunge in Hong Kong-listed Chinese tech stocks Tuesday underscores the market’s vulnerability to Beijing’s displeasure with the nation’s internet giants -- and just how hard it is for investors to pick the bottom.
Tech Giants’ Rise Requires New Financial Oversight, BIS Says
The world’s biggest tech firms need oversight from financial regulators to guard against their growing market power, possible threats to financial stability and data privacy concerns, according to senior officials at the Bank for International Settlements.
SEC to Set New Disclosure Requirements for Chinese Company IPOs
U.S. regulators will require additional disclosures from Chinese companies before allowing them to sell shares in the U.S., Securities and Exchange Commission Chairman Gary Gensler said.
China Tech Selloff Resumes, Adding to Month of Huge Losses
Investors are reeling from drastic moves against the after-school tutoring sector, one in a series of government salvos.
China Orders Alibaba, Tencent, Meituan, Ant, ByteDance to Up Data Security
China ordered more than two dozen technology firms to carry out internal inspections as part of a campaign to root out illegal online activity.
The Professional Manager Has a Bright Future, in China at Least
In a country where state-owned enterprises dominate, consulting firms rule the executive talent market.
China Stocks Rally as Beijing Intensifies Effort to Calm Market
(Bloomberg) -- Stocks in China and Hong Kong jumped Thursday, after authorities intensified efforts to calm fears about a crackdown on the private education industry and as the central bank pumped liquidity into the financial system.The CSI 300 Index closed 1.9% higher, led by materials and industrial stocks. Hong Kong’s Hang Seng Index rallied 3.3%, as Meituan and Tencent Holdings Ltd. both climbed at least 9%. Technology shares extended gains after a report said China will continue to allow it
China’s regulatory crackdown is good news for startups aligned with CCP goals
Things are changing in China, and the regulatory landscape of tech work in the country won't be the same from here on out.
Tencent, Meituan Dumped by China Traders Who Used to Buy on Dips
Chinese investors are turning against the nation’s technology giants, removing a pillar of support that helped the sector through previous market routs.
China’s Tencent suspends registrations for WeChat, its popular app.
The company attributed the suspensions to a technical update of security features, but fears of new regulatory pressure sent its shares sharply down.
WeChat suspends new users until early August for ‘security upgrade’
WeChat has suspended new user registrations until August while it conducts a ‘security upgrade’ amid China’s intensified scrutiny over the country’s internet industry.
Beijing Gives Tech Investors a Brutal New Tutorial
Anyone who bought into Chinese internet stocks hoping for a bounce following the dramatic fall from grace of ride-hailing giant Didi has been taught another painful lesson this week.
