Tencent’s revenue missed estimates after a sweeping government crackdown and Chinese economic malaise wiped out growth at the Internet behemoth.
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Chinese authorities are considering requiring Tencent to include WeChat Pay in a newly created financial holding company.
Shares in Naspers and its spinoff Prosus tumbled on Monday after a report said Tencent Holdings faces a record fine in China.
Moya, an instant messaging and payments app developed in South Africa, has notched up 6.5 million monthly active users and now has market leader WhatsApp firmly in its sights.
Tencent allowed users of its main WeChat social media service to link to rivals’ content, taking initial steps to comply with Beijing’s calls to end walled gardens.
China’s unprecedented crackdown on its technology industry has turned Tencent Holdings from a market darling into the world’s biggest stock loser this month.
International investors are feeling bruised and uncertain as days of heavy selling hammered China’s top technology stocks that began to seep into currency and debt markets.
Tencent’s WeChat has temporarily suspended registration of new users in mainland China as it undergoes a technical upgrade “to align with relevant laws and regulations”.
US President Joe Biden is withdrawing a series of executive orders that sought to ban new downloads of WeChat and TikTok.
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.