Tencent Holdings tumbled by the most in seven weeks amid speculation its controlling shareholder, Naspers-controlled Prosus, may speed up selling shares.
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ByteDance’s revenue surged more than 30% to surpass $80-billion in 2022, matching the tally at archrival Tencent.
Tencent Holdings founder Pony Ma and others from China’s crackdown-hit Internet sector will be absent from this year’s parliamentary sessions.
Naspers is backing rent-to-buy car firm Planet42 in a $100-million debt and equity fundraising.
Prosus and its parent Naspers are planning to cut their corporate workforce by 30%, becoming the latest companies in global tech to announce layoffs.
Tencent shares have nearly doubled from a recent low on growing signs that China is preparing to end its crackdown on major tech firms.
The Chinese Internet giant hopes it can turn Channels into the next WeChat Pay, but competing with TikTok won’t be easy.
Tencent’s performance reflects optimism that China’s economic growth can find its way back to where it was before lockdowns.
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.