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The Latest Breaking News from Tencent

Tencent to Trim Workforce for Online Content and Cloud Business

Tech giant plans undisclosed job cuts in two of six major divisions, reflecting their slowing growth momentum

Caixin Global

Alibaba Looks To Slash Workforce By 30% After Its MMC Division Decides To Lay off 20% Employees

Alibaba Group Holding Ltd (NYSE:BABA) and Tencent Holdings Ltd (OTC:TCEHY) employees saw a job cut of 30%, the Print reports as per speculation on Weibo Corp (NASDAQ:WB). Internal speculation among employees was that Alibaba looked to lay off 30% of its employees while Tencent between 10% - 30% of its employees. Tencent started layoffs within small business…

Benzinga

'That's A Buy Signal': Why Kevin O'Leary Just Bought Alibaba, Tencent And Meituan Stock

Chinese stocks are trading significantly lower Monday amid a COVID-19 outbreak in China's manufacturing hub, developments between China and Russia in relation to war and regulatory scrutiny of Tencent Holdings Ltd (Pink: TCEHY).

Benzinga

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After Alibaba, Tencent Could Attract Regulatory Penalty

The People’s Bank of China discovered Tencent Holdings Ltd (OTC:TCEHY) is guilty of violating some central bank regulations by its WeChat Pay mobile network, the Wall Street Journal reports. Regulators could subject Tencent to a penalty worth at least hundreds of millions of yuan. The central bank’s routine inspection of 2021 found WeChat…

Benzinga

Alibaba Looks To Trim Work Force By Up To 20%

Alibaba Group Holding Ltd (NYSE: BABA) and Tencent Holdings Ltd (OTC: TCEHY) are looking to mass layoffs,

Benzinga

What does Bandcamp's sale to Epic Games mean for independent music?

Since the announcement on Wednesday that online music distributor Bandcamp, a central hub for independent artists and labels selling digital and physical media, has been sold to Epic Games, the gaming giant responsible for Fortnite, Gears of War and the Infinity Blaze series, musicians and fans have been expressing concern…

Los Angeles Times

Tencent Follows Alibaba; To Slash Transaction Fees For SMEs

Chinese social media firm Tencent Holdings Ltd (OTC:TCEHY) looks to reduce transaction fees for small and medium-sized merchants using its WeChat payments system by 10%, Reuters reports. The reductions will apply beginning September 1, 2021, and extend to September 30, 2024. The merchants need to meet China's classification standards for small and medium-sized…

Benzinga

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'China's Warren Buffet' Places Orders For Over $5M Tencent's Shares

A mainland billionaire investor has placed heavy orders on Tencent Holdings Ltd (OTC:TCEHY), Bloomberg reports. Duan Yongping, a billionaire entrepreneur dubbed China's Warren Buffet by Chinese media, has placed orders for more than $5 million of Tencent's U.S. listed shares. The share prices rallied in Hong Kong, making up for some of the…

Benzinga

Netease vs. Tencent: Which Chinese Stock is a Better Buy?

Following a year of underperformance, Chinese stocks should do better this year. While prominent Chinese companies NetEase (NTES) and Tencent Music (TME) are well-positioned to benefit, let’s find out which of these stocks is a better buy now.

StockNews.com

Meituan Shares Get Butchered As China Introduces Tougher Laws

Meituan (OTC:MPNGY) shares shed ~15% after China issued new guidelines asking food delivery platforms to cut restaurant fees to reduce business costs, Bloomberg reports. Online food delivery platforms will have to offer preferential fees to restaurants in regions hit by the pandemic, as per the National Development and Reform Commission. Related Content: US Adds…

Benzinga

Alibaba Partners With Canaan Over AI

Alibaba Group Holding Ltd (NYSE:BABA) has collaborated with Canaan Inc (NASDAQ:CAN), CoinDesk reports. The partnership is concerned with artificial intelligence. Alibaba, which aims to build the future commerce infrastructure, will declare its December quarter results on February 24. Related Content: Tencent, Alibaba Deny Launching NFT Trading Platforms To Chinese Regulators Canaan is a leading high-performance computing solutions…

Benzinga

India Bans 54 Chinese Apps Including That From Sea, Alibaba, NetEase, Tencent

India's Ministry of Electronics and Information Technology has banned 54 apps it says are of Chinese origin, including Sea Ltd (NYSE:SE) marquee game Free Fire, Bloomberg reports. The apps banned include those belonging to Tencent Holdings Ltd (OTC:TCEHY), Alibaba Group Holding Ltd (NYSE:BABA), and NetEase Inc (NASDAQ:NTES), and are re-branded versions of apps already banned by India in 2020.…

Benzinga

Tencent Says It Did Not Make New Investment In DiDi Since IPO

Tencent Holdings Ltd (OTC:TCEHY) revealed not making any new investment in DiDi Global Inc (NYSE:DIDI) since it went public, Bloomberg reports. However, Didi's SEC filings disclosed an increased stake by Tencent. Tencent's filings disclosed the addition of 1.8 million Didi shares to its last-known holdings. Related Content: Why DiDi Global Shares Are Rising The company clarified that Tencent subscribed…

Benzinga

Fallen Ex-unicorn DouYu Set For Delisting To Move Under Tencent's Wing?

Key Takeaways • 90% drop in DouYu shares over past 12 months may presage a Tencent-led privatization bid in the next year • Company needs strategic rethink on revenue stream diversification as gaming slows in China By James Dyson

Benzinga

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Benzinga

Why DiDi Global Shares Are Rising

DiDi Global Inc - ADR (NYSE: DIDI) shares are trading higher after Tencent Holdings Limited raised its stake in DiDi from 6.4% to 7.4%.

Benzinga

Here's What Happened Between China Regulator And Alibaba, Tencent

The Cyberspace Administration of China (CAC) said its official publication had carried out interviews with companies like Tencent Holdings Ltd (OTC:TCEHY), Alibaba Group Holding Ltd (NYSE:BABA), and TikTok parent ByteDance, Reuters reports. The interviews followed the January 28 meeting held with 27 firms to discuss "healthy and sustainable" development. Tencent founder and CEO Pony Ma…

Asharq Al-Awsat

China's Cyber Watchdog Spells Out Development Strategies for Tech Giants

China's cyberspace watchdog said a symposium it held with Chinese tech giants last month had given the industry a "clearer understanding" and more confidence in how to pursue development and opportunities as they adjust to a new regulatory landscape. The Cyberspace Administration of China said its official publication had carried…

Benzinga

Why Are DouYu Shares Trading Higher Premarket?

Tencent Holdings Ltd (OTC:TCEHY) looks to take DouYu International Holdings Ltd (NASDAQ:DOYU) private by 2022 end amid disagreements over strategy among executives at the Chinese videogame streaming firm, Reuters reports. Tencent, the biggest shareholder in DouYu, has a 37% stake. Tencent aims to team up with at least one private equity firm for the…

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Benzinga

ZhongAn's Big-Tech Ties In Focus As Alibaba-linked Ant Trims Stake

Key takeaways: • Ant Group, one of the three founders of ZhongAn, disclosed last week it trimmed its stake in the digital insurer • ZhongAn has close business ties to the three parents, especially Ant and its Alibaba affiliate under a platform cooperation agreement

Caixin Global

Tencent-Backed Car Maintenance Startup Eyes Hong Kong Listing

Shanghai-based Tuhu is looking to build up capacity amid growing demand in the world’s largest auto market

ABC News

Chinese businessman reveals why he bought Scott Morrison's WeChat account

The Chinese businessman who has taken over Scott Morrison's WeChat account insists the transaction had nothing to do with politics.

Reuters

Australia PM Morrison loses control of WeChat Chinese account as election looms

(Refiles to correct spelling of 'minister' in paragraph 1)

Caixin Global

China Regulators Make Another Call for Better Protection of Gig Workers

Four central government ministries issue guidance order to 11 internet giants including Alibaba, Tencent, Meituan and Didi

Benzinga

Tencent Emerges As China's Most Valuable Private Company: Hurun Report

Tencent Holdings Ltd (OTC:TCEHY) tops China's most valuable private company list in 2021, according to the Hurun Report. Tencent heads the list with a valuation of $609 billion. Alibaba Group Holding Ltd (NYSE:BABA) dropped to third place. The Hurun Research Institute has released the list of the Top 500 China non-state-controlled enterprises ranked…

Benzinga

How Tencent Aims To Dodge China's Tech Crackdown

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