Finance

$15 billion worth Prosus’s stake in Tencent to be sold

Editorial Bureau April 7, 2021

AMSTERDAM (NETHERLANDS) – Dutch-based technology investment company Prosus NV majority-owned by Naspers of South Africa is selling a 2% stake worth $15 billion at current prices in software group Tencent. The sale could potentially be the biggest block trade on record. Prosus, said the

Business

Sources reveal that US is mulling over adding Alibaba, Tencent to China investment ban

Editorial Bureau January 7, 2021

WASHINGTON/SHANGHAI (US/CHINA) – The Trump administration is mulling over adding tech giants Alibaba and Tencent for banning firms allegedly owned or controlled by the Chinese military, two people familiar with the matter said on Wednesday. Targeting Asia’s two most valuable companies, worth a combined $1.3 trillion, would be US President Donald Trump’s

Tech

Tencent games brought back on Huawei app store

Editorial Bureau January 1, 2021

HONG KONG/BEIJING (CHINA) – Tencent’s online games were removed and then reinstated on Huawei’s app store on Friday in a dispute over revenue sharing by the Chinese companies. Huawei was insisting on a 50% cut of Tencent’s game sales on the app store and the Tencent games were removed because the companies had been unable […]

Business

China imposes fine on Alibaba, Tencent as they fail to report past deals to anti-trust regulators

Editorial Bureau December 14, 2020

SHANGHAI (CHINA) – China’s market regulator said on Monday it will fine Alibaba Group, Tencent Holdings-backed China Literature and Shenzhen Hive Box 500,000 yuan ($76,464.29) each as they fail to report deals properly for anti-trust reviews. The State Administration of Market Regulation said in a statement that it had come to a decision after reviewing […]

Tech

WeChat app witnesses downloading spree in US ahead of ban

Editorial Bureau September 22, 2020

HONG KONG – WeChat, the messaging application of Chinese tech giant Tencent, witnessed a spike in downloads in the US since Friday. This comes after Washington said that it would go ahead with its decision to ban the app. As per the order of the US Department of Commerce, Apple and Google have to remove […]

Business

Marvelous shares untraded as China’s Tencent takes 20% stake

Editorial Bureau May 26, 2020

TOKYO (Business) – Shares in Japanese games maker Marvelous Inc were untraded with a glut of buy orders on Tuesday and looked set to close up at the daily trading limit of 17% after announcing China’s Tencent Holdings Ltd would take a 20% stake. Tencent will spend around 7 billion yen ($65 million) acquiring shares […]

Business

Tencent first-quarter revenue up 26% with lockdowns spurring game spending

Editorial Bureau May 13, 2020

HONG KONG (Business) – Chinese gaming and social media giant Tencent Holdings Ltd said on Wednesday net profit in its first quarter rose 6%, beating market estimates, boosted by high demand for its video games during the pandemic. The world’s largest gaming firm by revenue booked a 28.90 billion yuan ($4.07 billion) profit for the […]

Tech

Tencent and Huawei partner to develop cloud game platform

Editorial Bureau March 27, 2020

HONG KONG (Technology) – China’s Tencent Holdings has launched a co-innovation lab with Huawei for the development of a cloud game platform. This collaboration will be tapping the Huawei’s Kunpeng processor’s computing power to build Tencent’s GameMatrix cloud game platform. The two sides will be exploring more possibilities in artificial

Business

Tencent-backed WeDoctor invites banks to lead $1 billion Hong Kong IPO

Editorial Bureau March 6, 2020

HONG KONG – WeDoctor will push ahead with a Hong Kong listing and invite pitches from investments banks next week to lead an IPO valuing the Chinese healthcare platform at up to $10 billion, two sources with direct knowledge of the matter said. The Hangzhou-based company, which is backed by Tencent Holdings Ltd and Goldman […]

Tech

Tencent extends warranty for Nintendo Switches in China as virus hits sales

Editorial Bureau March 3, 2020

BEIJING – On Tuesday, China’s Tencent announced that it would extend the warranty by six months for Nintendo Switches bought in China from official channels before March 31 as sales were hit by the coronavirus outbreak. The coronavirus impacted China’s Nintendo Switch sales, logistics, promotions and user experience in different ways. Tencent began