Tag: Tencent

Tencent applies for metaverse trademarks
Tech

Tencent applies for metaverse trademarks

Tencent has applied for two trademarks related to “metaverse,” a popular concept that refers to an immersive virtual world created by latest technologies like augmented reality and virtual reality. The company applied for trademarks “Timi metaverse” and “Kings metaverse” on Sept. 3, Chinese enterprise database Tianyancha shows. The word “Timi” could be referring to Tencent’s Timi gaming studio while “Kings” may refers to Honor of Kings, Tencent’s hit mobile game. Source: Tianyancha, in Chinese
Tencent and Alibaba lose $330bn in market value in 2021
Tech

Tencent and Alibaba lose $330bn in market value in 2021

The combined market cap of the top two Chinese tech companies has plunged $330 billion since the end of last year under regulatory pressure by Beijing. The market cap of top-ranked Tencent Holdings stood at $574.3 billion on Aug. 30, down about 20% since the beginning of the year. Alibaba Group Holding descended from second to third place on a fall of 30% in market value to $440.6 billion as its stock price continued to hit post-listing lows. During the end of 2020, Tencent and Alibaba had followed closely behind American tech giant like Apple and Amazon in market value. Toughened Chinese regulations are starting to hurt manufacturers of luxury goods as well. Luxury liquor producers Kweichow Moutai, ranked fifth, and Wuliangye Yibin, 20th, saw their market values shrink 20% and 30%,...
Tencent donates $7.7bn for “common prosperity” during China tech clampdown
Tech

Tencent donates $7.7bn for “common prosperity” during China tech clampdown

Tencent has announced that it will set aside 50bn yuan ($7.7bn) for a “common prosperity” fund. The news comes one day after President Xi Jinping made common prosperity a key economic and social goal for China. It appears that Tencent is willing to adapt to China’s changing regulatory climate. According to the statement, the fund will integrate “Tencent’s digital and technological capabilities” to provide assistance in several areas, including the development of rural regions, low-income groups, primary medical assistance and grassroots education.” In April, the social media and gaming giant, under scrutiny from regulators, had already pledged 50bn yuan to promote “sustainable social value innovation”. In total, the company has now dedicated 100bn yuan for economic and social develo...
Evergrande Sells Stakes in Internet Unit for $418 Million
Tech

Evergrande Sells Stakes in Internet Unit for $418 Million

China Evergrande Group has agreed to sell stakes in its internet unit for a total of HK$3.25 billion ($418 million) to ease funding pressure. The developer will sell 7% of Hong Kong-listed HengTen Networks Group Ltd. at HK$3.20 apiece to a unit of Tencent Holdings Ltd. for HK$2.07 billion, according to an exchange filing on Sunday. Evergrande also agreed to sell a 4% stake to an unidentified buyer for HK$1.18 billion.
WeChat suspends new user registrations
Tech

WeChat suspends new user registrations

Tencent’s popular super app WeChat said Tuesday it has temporarily suspended new user registrations, attributing the decision to “related laws and regulations.”  WeChat said in a Tuesday social media post (in Chinese) that the app is not accepting new individual users and public accounts to comply with “related laws and regulations.” The company calls the suspension a “technical security upgrade.” We will keep you posted about developments
Tencent Holdings investing in one new gaming company per week
Gaming, Tech

Tencent Holdings investing in one new gaming company per week

Tencent Holdings (currently the world’s biggest mobile game vendor) invested in 27 gaming companies in the first half of 2021. This is roughly one every seven days on average This round of investment appears to be mainly defensive. There is a lot of pressure from ByteDance Technology, Alibaba Group Holding and other competitors who are attacking Tencent's dominant position in the gaming sector. “Tencent keeps expanding its product lines by investing in excellent game developers of massive-multiplayer on-line, role play, simulation, card and leisure games to eliminate the possibility of any new gaming giants emerging,” an industry analyst said. ‘Genshin Impact,’ developed by rival miHoYo Technology Shanghai, overtook Tencent’s Arena of Valor to become the world’s highest-earning m...
China to order Tencent Music to give up music label exclusivity
Tech

China to order Tencent Music to give up music label exclusivity

No end in sight for regulatory problems in China. China's antitrust regulator is poised to order the music streaming arm of Tencent Holdings Ltd to give up exclusive rights to music labels, two people with direct knowledge of the matter said on Monday The penalty, plus a 500,000 yuan ($77,150) fine for misreporting the acquisition of two apps, is the culmination of an investigation by the State Administration of Market Regulation (SAMR) into Tencent Music Entertainment Group, China's dominant music streaming company, sources told Reuters. In April, Reuters reported that the regulator was preparing to fine Tencent Holdings as part of a sweeping antitrust clamp-down on the country's internet giants, with two people saying the company should expect a penalty of at least 10 billion yuan...
DouYu has terminated a merger with rival Huya
Tech

DouYu has terminated a merger with rival Huya

DouYu announced its withdrawal after regulators rejected the deal over the weekend, saying it would strengthen Tencent’s dominance in Chinese game streaming and give it an anti-competitive edge. Huya and DouYu together control more than 80% of the market based on active users, the State Administration for Market Regulation said in a statement Saturday. The case marks the antitrust agency’s first rejection of mergers and investment deals by China’s internet companies. This decision is a blow to Tencent (shareholder in both companies) and comes as Beijing steps up scrutiny over tech giants from Didi Global Inc. to Meituan. The transaction was negotiated before the government crackdown that began in late 2020 and was aimed at creating the country’s dominant live-streamed gaming leader ...