Shares in Tencent jumped as much as 4.2% after Chinese media reported that regulators have resumed approving games, signalling a potential end to a hiatus that’s chilled the world’s biggest gaming industry.
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Just days after announcing it will lead a $540-million funding round in Indian online education start-up BYJU’s, Naspers said on Thursday that it will invest $660-million in Swiggy, India’s largest food delivery platform.
China is taking its rivalry with the US to the heavens, spending at least $9-billion to build a celestial navigation system and cut its dependence on the American-owned GPS.
China’s Internet sector wrapped up the third quarter earnings season with its slowest growth on record.
Tencent Holdings posted earnings that surpassed all analyst estimates as one-time gains and advertising demand limited the impact of a government clampdown on its lucrative games business.
The Chinese Communist Party’s vision of a Web where governments pull the strings could wind up the model for the next billion users.
Ever since Chinese President Xi Jinping marked the opening of the first World Internet Conference in 2014, it was meant to usher in a new era of digital openness and project China as a champion of global cyber governance. Those promises are now starting to lie fallow.
Naspers affiliate Tencent will expand its age-verification system to encompass its entire games line-up, an unprecedented undertaking in response to growing criticism it encourages addiction among youngsters.
China’s regulators have ended the issuance of game licences through a stopgap approval process, closing the last known official path for making money from new titles in the world’s biggest gaming market.
Naspers is planning to increase its stake in Indian online food delivery business Swiggy as the start-up plots its third fundraising round of the year, according to people familiar with the matter.