A plan by Tencent’s major backer, Naspers-controlled Prosus, to further cut its stake in the company fuelled concerns among investors on Tuesday.
Tencent CEO Pony Ma shared a viral opinion piece slamming China’s weakening economy under stringent Covid Zero measures.
Chinese tech stocks tumbled as weak corporate earnings coupled with a dimming global growth outlook intensified selling.
Tencent’s revenue missed estimates after a sweeping government crackdown and Chinese economic malaise wiped out growth at the Internet behemoth.
Share buybacks are emerging as the hottest trend among Chinese tech giants and industry leader Tencent Holdings may be the next to jump on the bandwagon.
Chinese authorities are considering requiring Tencent to include WeChat Pay in a newly created financial holding company.
Alibaba Group and Tencent Holdings are preparing to cut tens of thousands of jobs combined this year in one of their biggest layoff rounds, sources said.
Chinese technology stocks slid for a third session on Tuesday amid concerns over Beijing’s ties with Russia and a persistent regulatory overhang.
Ethiopian Airlines Group will ramp up investment in cargo services and infrastructure and is looking to become a logistics hub for Africa’s growing e-commerce market.
The extent of the Chinese tech stocks’ underperformance when compared to the US is astounding. By Anchor Capital’s Seleho Tsatsi.