Chinese internet giant Tencent on Wednesday posted its lowest annual profit since 2019, despite recent slight improvements in China’s economy and a more lenient attitude from regulators towards the tech sector.
Tencent’s total net profit in 2023 was 115.2 billion yuan ($16 billion), according to its annual financial report filed with the Hong Kong Stock Exchange.
Decades…
Chinese internet giant Tencent on Wednesday posted its lowest annual profit since 2019, despite recent slight improvements in China’s economy and a more lenient attitude from regulators towards the tech sector.
Tencent’s total net profit in 2023 was 115.2 billion yuan ($16 billion), according to its annual financial report filed with the Hong Kong Stock Exchange.
Decades of incredible growth that turned China’s high-tech industry into one of the world’s most dynamic industries came to an abrupt halt in 2020 when the Chinese government introduced stricter surveillance measures.
Authorities have since loosened regulatory measures for key domestic tech sectors amid widespread concerns about the health of China’s economy.
Shenzhen-based Tencent, one of the world’s leading gaming companies and the developer of China’s ubiquitous messaging and services app WeChat, is facing a new crackdown on video game addiction among young people. As a result, annual profit in 2022 decreased by 16%.
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