Tencent has lost its title as China’s biggest company, the latest sign of how far regulatory risk and dimming growth prospects have set back the country’s tech industry.
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Tencent Holdings’ buyback spree is failing to revive investor sentiment over the online gaming giant, whose shares are languishing near a 2018 low.
Tencent Music Entertainment Group is pressing ahead with its Hong Kong listing plans.
Tencent shares worth $7.6-billion have appeared in Hong Kong’s clearing and settlement system, spurring speculation.
For early backers, including Naspers, they’ve been some of the most profitable Chinese stock investments of all time.
The Naspers-controlled Internet investment firm has agreed to pay as much as €1.8-billion to acquire a further 33.3% stake in Brazil’s iFood.
Tencent Holdings logged its first-ever decline in quarterly revenue, becoming the latest victim of a worsening Chinese economy.
Tencent plans to sell all or a bulk of its R400-billion stake in food delivery firm Meituan to placate domestic regulators, sources said.
China’s Internet giants have shared details of their prized algorithms with Beijing for the first time, an unprecedented move.
Just 18 months ago, Tencent Holdings was on the cusp of becoming Asia’s second trillion-dollar company. No more.