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Tencent said its revenue from online gaming, its biggest source, was up 34% to 22.8 billion yuan, lifted by the likes of "Honor of Kings" and "Dragon Nest Mobile." Online advertising revenue was up 47%, to 6.9 billion yuan. The spread for Tencent’s dollar bond due 2030 widened 22 basis points to 228 basis points, according to Bloomberg-compiled. Tencent distributes music through its QQ Music, KuGou and Kuwo services, and the deal makes it the main distributor in China for Universal records and artists. Tencent’s shares closed Monday at their lowest level in almost two years. "The automobile is becoming a smart device, and there will be much more connections between the physical world and the virtual world," Tencent President Martin Lau said.Įarlier this week the company announced a big expansion of its music-streaming business with a licensing agreement with Universal Music Group. Though it said little about the goals of its investment in Tesla at the time, Tencent on Wednesday said it sees the car maker as a partner in connecting more devices to the internet. In March it disclosed a $1.8 billion investment in electric-vehicle maker Tesla Inc. Last year it joined with Chinese investors to buy Finnish game developer Supercell Oy, maker of "Clash of Clans," for $8.6 billion. "We believe our video, news, literature and music services are each the largest in China as measured by usage."Īlready a major force in China, Tencent has been quietly raising its overseas profile through partnerships and investments. "Our key platforms continue to grow robustly," Chief Executive Officer Pony Ma told investors, pointing to the more than 900 million users of the company's popular WeChat social-media app. Overall revenue was up 55% to 49.55 billion yuan. New rule to take effect next month but not expected to. “Likely he had no idea,” tech journalist Kara Swisher tweeted Thursday night.The company said higher revenue from some of its most popular online games helped boost its net profit to 14.48 billion yuan ($2.1 billion) for the three months ended in March, up 58% from a year earlier. 16 February 2016, SCMP, Zen Soo & He Huifeng: Tencent to charge users in China for transferring money from WeChat Wallet to bank accounts. companies with WeChat’s parent - if that is the case - could prove to have much farther-reaching effects than Trump may have anticipated.
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closed, but traders will likely keep a close eye on how shares of Tesla, Activision Blizzard and others fare in the morning.īanning all business by U.S. SHANGHAI, Aug 5 (Reuters) - Tencent Holdings (0700.HK) WeChat has resumed registrations of new users in mainland China, after suspending them last month to upgrade its security technology. The news broke after the extended trading session in the U.S. In Hong Kong sank in Friday trading after the announcement. Tencent redefines competition between tech giants, in a war so expansive, so intense and so all-encompassing that.
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Major conflicts between corporate titans usually result in the emergence of a victorious monopoly like Google, or Facebook. Shenzhen, China, or any subsidiary of that entity.”Įither way, the order is likely to be challenged in court. The tech industry is used to clashes between corporate rivals. on Chinese-owned social media platforms like Tencents WeChat have reduced. The executive order took aim directly at WeChat, which has more than 1 billion users worldwide, and whose “data collection threatens to allow the Chinese Communist Party access to Americans’ personal and proprietary information,” the order said.īut the wording of the order made it unclear if the ban affected just WeChat or all of Tencent’s holdings, saying: “any transaction that is related to WeChat by any person, or with respect to any property, subject to the jurisdiction of the United States, with Tencent Holdings Ltd. Chinas image and Xis own profile have improved in key parts of the world. Google app stores, which feature Tencent-owned apps. The order could potentially also affect Apple Inc. , the maker of Snapchat, and the Chinese company has streaming deals in place with the NBA, the NFL and Major League Baseball. Tencent also has significant stakes in Tesla Inc. videogame companies, including Riot Games, which makes “League of Legends” Epic Games, which makes “Fortnite” and Activision Blizzard It has been China's most popular app for some time. That’s because Tencent is one of the world’s largest and most valuable companies, with ownership stakes in a number of U.S. Meanwhile, WeChat Pay is a function within WeChat, Tencent's messaging app that is used by more than 1 billion people.