Tencent allowed users of its main WeChat social media service to link to rivals’ content, taking initial steps to comply with Beijing’s calls to end walled gardens.
Tencent Holdings is set to lose its place among the world’s 10 largest companies by market value, leaving no Chinese names in the list.
Tencent and NetEase shed more than $60-billion of value on Thursday as investor fears grow that Chinese regulators are preparing to tighten their grip dramatically on the world’s largest gaming industry.
It’s no coincidence that an edict barring kids in China from playing online videogames for most of the week came as the education ministry introduced a new subject to the national curriculum: Xi Jinping Thought.
Chinese regulators are seeking to implement far-reaching rules about the algorithms technology companies use to recommend videos and other content.
Chinese technology shares rallied in Hong Kong on Monday as bargain hunters pounced in the wake of the sector’s worst rout in months.
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.
President Xi Jinping put China’s wealthiest citizens on notice on Tuesday, offering an outline for “common prosperity” that includes income regulation and redistribution, according to state media reports.
Chinese regulators on Tuesday issued a lengthy set of draft regulations for the Internet sector, banning unfair competition and restricting the use of user data.
China’s unprecedented crackdown on its technology industry has turned Tencent Holdings from a market darling into the world’s biggest stock loser this month.