Home 

China’s gaming regulator said to call halt on new approval submissions to clear backlog in potential blow to Tencent, NetEase

China’s State Administration of Press and Publications has called a halt on new gaming approval submissions to clear a backlog created by an earlier nine-month hiatus, according to a gaming company executive with knowledge of the matter.There is no confirmed date as to when the top gaming regulator will restart accepting submissions from its local bureaus, according to the person, who was informed by the local regulator this week and asked not to be named as the information is not public… Source link

Read More
Home 

Tencent defends investment spree as core strategy amid venture ‘capital winter’ concerns

Tencent President Martin Lau Chi-ping launched a robust defence of the company’s practice of taking stakes in hundreds of companies, saying that investment is part of the Chinese internet giant’s core strategy.“Last year, there were those who equated Tencent doing investments to the company losing its aspirations, Tencent becoming like an investment bank,” Lau, a former Goldman Sachs investment banker, said at an annual gathering with its investee companies in Beijing last month.“In reality,… Source link

Read More
Home 

Rivalry between Chinese social media giants intensifies as ByteDance’s Douyin follows Tencent with mini game

Douyin, the viral short video app run by ByteDance, has launched its first mini game, built on top of a new feature allowing users to play games inside the app without having to download them separately.The move will intensify social media rivalry between ByteDance and Tencent Holdings, China’s biggest games publisher, as mini games are added to apps in the battle to win over a bigger share of the country’s mercurial millennials.Mini games were pioneered by Tencent’s WeChat, China’s answer to… Source link

Read More
Home 

Baidu bucks the capital winter to play catch-up to Alibaba, Tencent in outside investments

Baidu, operator of China’s largest search engine and a major player in artificial intelligence, more than doubled its number of outside investments last year, bucking a trend that saw a winter chill descend on the country’s venture capital market in the fourth quarter.The Nasdaq-listed company made a total of 92 investments in 2018, compared to 41 the previous year, according to a company source familiar with the matter. Baidu didn’t immediately respond to an emailed inquiry for comment.Baidu’s… Source link

Read More
Home 

Alibaba acquires 4.84 per cent stake in mainland China bank CICC to become third-largest shareholder after Tencent

Alibaba Group Holding, mainland China’s biggest e-commerce platform, has acquired a 4.84 per cent stake in investment bank China International Capital Corporation to become its third-largest shareholder, according to a filing of interest disclosure by the bank to the Hong Kong stock exchange on Tuesday.Alibaba, which owns the South China Morning Post, follows in the footsteps of gaming and internet giant Tencent Holdings, which acquired a 5 per cent stake in CICC for US$372 million in 2017.The… Source link

Read More
Home 

Tencent in talks with EA to bring hit battle royale game Apex Legends to China

Tencent Holdings, which runs the world’s biggest video games business by revenue, is in talks with Electronic Arts (EA) to bring the US publisher’s new hit title Apex Legends to China, according to a person with direct knowledge of the matter. That deal would bolster Shenzhen-based Tencent’s portfolio of popular titles that it distributes in China, which includes two other hit video games in the battle royale genre – PlayerUnknown’s Battlegrounds and Fortnite. The Chinese internet giant’s tie-up with EA, however, has not been confirmed at this stage, said the…

Read More
Home 

Would you wait in line for more than 12 hours to get a red packet from Pony Ma? One Tencent employee did

Those people are not lining up to buy new iPhones, Lady M’s signature mille-crepes cake, or HeyTea’s cheese-topped drink. They are employees of Tencent Holdings waiting outside the internet giant’s headquarters in Shenzhen to receive red packets from company chairman Pony Ma Huateng and other senior management. A long line started forming from Tuesday morning for a chance to get a second of face time with Ma, who in Lunar New Year tradition personally hands out red envelopes containing money to employees as a form of good wishes. The most…

Read More
Home 

Smartphone giant Xiaomi, Tencent Music among a dozen stocks to be added to MSCI China Index

Smartphone giant Xiaomi and online video platform Iqiyi are among a dozen listed companies to be added to MSCI’s benchmark Chinese equities gauge, the global index compiler announced on Monday. The inclusion of the stocks in the MSCI China Index at the end of February is likely to benefit them in the long term because they may attract global funds that track such indexes, said analysts. MSCI claims to serve “99 of the top 100 largest money managers”. “Those funds will not buy and sell frequently but [they will] hold…

Read More
Home 

Real-life bracelet from Honour of Kings video game for Valentine’s? Tencent and Chow Sang Sang think so

Game developers usually sell virtual goods from character skins to costumes to weapons to make money. Tencent, China’s biggest gaming firm, is taking it one step further by selling real products. Tencent’s blockbuster mobile title, Honour of Kings (HoK), is now offering its own gold and silver accessories in partnership with Hong Kong jewellery retailer Chow Sang Sang, the game announced on the Chinese microblogging site Weibo on Sunday. Inspired by five heroes in the game, the HoK-themed jewellery products are now available via Chow Sang Sang’s online stores in…

Read More
Home 

Reddit said to land China’s Tencent as lead investor in funding round that may value website at US$3 billion

Reddit, the self-billed “front page of the internet”, may be following the footsteps of messaging app Snap in getting China’s social media and gaming giant Tencent Holdings as an investor. The San Francisco-based discussion website is seeking to raise as much as US$300 million in a new funding round and has landed Tencent as a lead investor, according to TechCrunch. Depending on how successful it is in raising money from other investors, Reddit could be valued at US$3 billion, according to the report. Tencent is best known in China as…

Read More