A raft of proposed new Chinese gaming curbs has wiped out $32-billion from Tencent’s stock. The declines may not be over.
Shares in Naspers and Prosus slumped on Friday after China issued new measures to limit players’ spending in videogames.
Chinese regulators will curb excessive spending and rewards that encourage online gaming.
Tencent is relying on one-time bitter rival ByteDance to promote its most important videogame release in years.
Tencent Holdings has revealed one of its most ambitious attempts at a big-budget console game on Friday.
Naspers has reported a jump in half-year profit, boosted by its e-commerce businesses and China’s Tencent.
Tencent Holdings has returned about $24-billion to shareholders via buybacks and dividends this year.
Baidu’s founder has declared his company’s large language model has finally caught up with OpenAI’s GPT-4.
Tencent said its model is “better” than OpenAI’s ChatGPT in writing long text with thousands of words and other areas.
Chinese internet giant Tencent Holdings said it will unveil an artificial intelligence chatbot.