Tencent Holdings founder Pony Ma and others from China’s crackdown-hit Internet sector will be absent from this year’s parliamentary sessions.
Browsing: Pony Ma
The move reinforces hopes that Beijing is easing a crackdown on the world’s largest mobile gaming arena.
In a rare show of frustration, Pony Ma said internal reviews this year had exposed corruption and mismanagement at Tencent.
Tencent shares worth $7.6-billion have appeared in Hong Kong’s clearing and settlement system, spurring speculation.
Tencent has formed an “extended reality” unit, sources said, formally placing its bets on the metaverse concept of virtual worlds.
Tencent CEO Pony Ma shared a viral opinion piece slamming China’s weakening economy under stringent Covid Zero measures.
Tencent’s revenue missed estimates after a sweeping government crackdown and Chinese economic malaise wiped out growth at the Internet behemoth.
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.
It turns out even the most compliant Chinese billionaires aren’t immune to the regulatory onslaught sweeping the world’s second largest economy.
President Xi Jinping’s government is reining in the country’s most powerful corporations and their billionaire founders, including Alibaba Group, Tencent Holdings and Didi Global. But why?