China’s antitrust regulator is set to formally block Tencent Holdings’ plan to merge the country’s top two videogame streaming sites, Huya and DouYu, three people familiar with the matter said.
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Tencent Holdings, which has lost more than a fifth of its market value in the past few months, now appears to be losing its biggest supporter: Chinese investors.
Prosus said its e-commerce business grew revenues and shrank trading losses for the year that ended 31 March, even as its overall profit continued to be dominated by its investment in Chinese technology giant Tencent.
Naspers reported a 24% rise in profit for the year that ended 31 March, boosted primarily by the performance of its investment in China’s Tencent Holdings, the company said on Monday.
Tencent Holdings reported a 25% gain in quarterly revenue as China’s largest company sustained a boom in gaming and cloud that began during the Covid-19 pandemic.
For now, Naspers and Prosus CEO Bob van Dijk has managed to figure out a short-term fix for his problem. Eventually he’ll need to think longer term. By Alex Webb.
Ultimately, investors may have to learn to live with the valuation gap between Naspers and Tencent. And management may have to ignore complaints about it and focus on growing Prosus’s investments.
Prosus on Wednesday announced plans to acquire up to 45.4% of shares in parent Naspers in a deal aimed at moving part of the value of their massive stake in Tencent to Europe from Africa.
China is preparing a substantial fine for Tencent Holdings as part of its sweeping antitrust clampdown on the country’s Internet giants, two people with direct knowledge of the matter said.
Pony Ma pledged $7.7-billion towards curing societal ills and lifting China’s countryside out of poverty, echoing Xi Jinping’s priorities at a time Beijing is tightening its grip on Internet giants.