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Tencent steps up expansion in India with investment in fintech start-up NiYO

Tencent Holdings increased its bets on India with an investment in a start-up that helps the country’s blue-collar workers manage their finances, as it sought to build an overseas presence to supplement its dominant China market.Shenzhen-based Tencent, one of China’s most active corporate investors, led a US$35 million funding round in Bangalore-based digital banking company NiYO, which also serves outbound tourists with a foreign exchange service.The company, founded by Pony Ma Huateng, is… Source link

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Tencent said to be in talks for bigger cut of video game sales from mobile app stores

Tencent Holdings is pressing China’s top smartphone vendors and app stores to boost the cut of revenue it gets from video games sold through their platforms, people familiar with the matter said, stepping up efforts to claw back profits as the company’s business slows.The gaming and social media giant is seeking as much as 70 per cent of the sales generated from its video games, up from 50 per cent at present, said the people, who requested anonymity discussing private negotiations.That would… Source link

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Tencent, health care boost Hong Kong shares, while Chinese shares fall on swirling uncertainties

Meanwhile, the CSI 300 of large caps traded in Shanghai and Shenzhen slipped by 0.17 per cent to 3,786.74. Hong Kong saw rallies by two pharmaceuticals – CSPC Pharmaceutical and Sino Biopharmaceuticals – as traders looked to the sector for safety amid so many uncertainties. CSPC was up 4.1 per cent to HK$12.70 while Sino Biopharmaceuticals jumped 3.3 per cent to HK$8.72. They were the benchmark’s biggest percentage gainers of the day. Chinese carmaker Geely finally had a good day, rising 2.6 per cent to HK$12, after four straight days…

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Korean video games firm Nexon fails to draw bid from Tencent, scraps deal potentially worth US$16 billion

Nexon founder Jungju Kim has scrapped plans to sell a controlling stake in its parent, NXC, two sources with direct knowledge of the matter said on Monday, scuppering potentially the largest deal in the gaming sector, at up to US$16 billion.Kim had been looking to sell the 98.6 per cent stake he and his wife hold in NXC, which in turn owns 48 per cent of Tokyo-listed South Korean video game publisher Nexon.Since it emerged in January, the sales plan has been dogged by funding challenges, the… Source link

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Tencent eyes investment in Indian streaming video services start-up MX Player

Tencent Holdings and Paytm plan to invest about US$100 million in Indian streaming service MX Player, according to a person familiar with the matter, as local and foreign companies compete for a piece of the country’s burgeoning online video market.The WeChat operator and Paytm, India’s digital payments leader, are in the final stages of discussions but specific terms may still change, said the person, who asked not to be named because the details are private.Jane Yip, a spokeswoman for Tencent… Source link

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HSBC sets up US$880 million technology fund to find the next Tencent, DJI or Huawei in the Greater Bay Area

As companies are looking to cash in on the potential of uniting the infrastructure and development of the Greater Bay Area, HSBC said on Tuesday that it is creating a US$880 million technology fund to provide financing to early stage companies in the region.The GBA+ Technology Fund will focus on lending to high-growth companies in mainland China, Macau and Hong Kong in a variety of sectors, including e-commerce, financial technology (fintech), robotics, biotech and health care technology, HSBC… Source link

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Tencent to change marketing strategy after Honour of Kings flops abroad

When Chinese internet giant Tencent Holdings made its first big foray overseas with an adaptation of its blockbuster mobile game Honour of Kings in the summer of 2017, executives thought they had a sure-fire success on their hands.The multiplayer role-playing game, in which players hack and slash their way through battle arenas, had 55 million daily active users in China and was raking in roughly US$145 million a month, making it the company’s top-grossing game.But missteps in development and… Source link

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Stocks Blog: Tencent, Alibaba report strong earnings, while Trump turns up heat on Huawei

Good day traders — Lots of overnight news for our markets to digest.  Strong earnings from Tencent (700 HK) and Alibaba (BABA US) last night, though a mix in reaction in US markets afterwards. Alibaba closed up 1.6 per cent, while Tencent ADRs (traded under TCEHY) ended down 1.2 per cent. Meanwhile, US President Donald Trump took aim at the battle over the future of 5G, issuing an executive order that means Huawei can’t do business with American companies without special permission.  So,… Source link

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Tencent posts better-than-expected US$3.9 billion first-quarter profit on back of payments, ads, digital content

Tencent Holdings, operator of China’s biggest video games and social media businesses, beat estimates to record a 17 per cent year-on-year increase in first-quarter net profit, primarily driven by commercial payment, social advertising and digital content services.Hong Kong-listed Tencent posted a net profit of 27.2 billion yuan (US$3.9 billion) in the quarter ended March 31, up from 23.3 billion yuan in the same period last year and ahead of the 19.4 billion yuan consensus from analysts… Source link

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Alibaba, Tencent earnings to be watched for clues on consumer sentiment in China as trade war swirls

Alibaba Group Holding and Tencent Holdings will both report quarterly earnings on May 15, followed by Baidu on May 16, which will be closely scrutinised for any indication that growing trade tensions between the world’s two-biggest economies are impacting consumer sentiment in China. Alibaba China’s largest e-commerce operator blew past profit estimates in the previous quarter on growth in gross merchandise volume (GMV) and its cloud services business despite a slowing domestic economy. … Source link

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