TENCENT STAKE
Tencent sells Rs 415.7-cr PB Fintech shares
Tencent Cloud Europe BV divested ₹415.7 crore worth of PB Fintech shares in a bulk transaction on the NSE, selling 33 lakh shares at ₹1,259.7 each.
China's Tencent posts weak revenue growth, plans to double buybacks
China's Tencent Holdings posted a weaker-than-expected 7% rise in fourth-quarter revenue on Wednesday as its gaming revenue shrank, and said it was expecting to at least double its share buybacks this year.
Elden Ring Mobile Game: This is what we know so far
Tencent, the Chinese tech giant, is reportedly crafting a mobile adaptation of Elden Ring, a popular game title. This venture follows Tencent's strategy of capitalizing on major gaming IPs for mobile platforms.
Tencent working on mobile version of hit console game 'Elden Ring'
China's Tencent Holdings is working on a mobile version of the popular action role-playing game "Elden Ring". Tencent acquired the licensing rights for the game in 2022 and has set up a team to work on a prototype. However, progress has been slow.
Tencent's Riot Games to lay off about 11% of staff
Tencent's Riot Games plans to lay off 530 employees, about 11% of its staff globally. CEO Dylan Jadeja stated that the company is without a sharp focus and has too many ongoing projects. Riot will focus on live games like League of Legends, Valorant, Teamfight Tactics, and Wild Rift, while stopping new game development under Riot Forge.
ETtech Explainer | China's curbs on online games to impact digital gaming industry
The draft regulations require gaming companies to introduce caps on recharging in-game wallets and remove features which are meant to increase gameplay such as rewards for daily log-ins.
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China announces rules to reduce spending on video games
The new rules, which will effectively set spending limits for online games, sparked panic among investors, wiping off nearly $80 billion in market value from China's two biggest gaming companies, as investors sought to gauge the potential impact on earnings and more restrictions in the offing.
China to curb gaming spend; Tencent, NetEase plunge
The new rules, which will effectively set spending limits for online games, sparked panic among investors, wiping off nearly $80 billion in market value from China's two biggest gaming companies.
Tencent, NetEase lose $80 billion in m-cap on China's move to curb gaming spend
Shares in Tencent Holdings, the world's biggest gaming company, tumbled as much as 16% at one point, while those of its closest rival, NetEase, plunged as much as 25% after the National Press and Publication Administrations published the new draft rules. Shares of Tech investor Prosus followed Tencent lower, losing 14.2% in early trade on Friday and among the biggest fallers on the pan-European stock index.
Naspers chairman Koos Bekker says company has no plans to sell Tencent stake
The 26% stake in Tencent, valued at around $100 billion, forms the bulk of the value of both companies.
Spotify down? Users report issues in music searches, pages, account sign ups and more; Here’s what we know
The Spotify team is currently conducting an investigation to determine the cause of the issue.
Jack Ma’s clash with Beijing costs Ant, Alibaba $850 billion
Chinese authorities said on Friday they would wrap up a probe into Ant with the financial technology company paying a fine of almost $1 billion.
China's Meituan to buy artificial intelligence firm Light Year from cofounder
The deal comes at a time when AI has captivated investor interest across the globe, prompting a flurry of investments or acquisitions by businesses in a rush to develop generative AI like ChatGPT.
Dutch tech investor Prosus to end cross-holding with parent Naspers
The cross-holding had been set up in 2021 via a share swap deal under which Prosus issued new shares to buy a 45.4% stake in Naspers, effectively moving part of Naspers from the Johannesburg bourse to Euronext in Amsterdam.
Prosus posts $617 million ecommerce trading loss, H2 sees improvement
Net profit fell to $10 billion from $18.6 billion, mostly due to a worse performance by Chinese software giant Tencent, in which Prosus owns a 26% stake.
Byju’s staffers in a spot as recruiters fail to match pay
Three employees told ET that there is no internal communication from the management on what is happening with the business, or investors quitting the board, or delayed financials. One of these employees said that the workload has become more intense as there are far fewer team members to share the work with.
Piramal Enterprises to sell 8.34% stake in Shriram Fin
In FY13, Piramal Enterprises sold its domestic pharmaceutical formulations business to Abbott Laboratories for ₹17,000 crore and had invested part of the proceeds in Shriram Group companies. Piramal invested ₹4,583 crore across three Shriram Group entities, according to a Crisil report.
Abu Dhabi-backed firm to invest $740 million in Chinese EV maker Nio
Nio and peers Xpeng and Li Auto are among the companies competing to grab a larger EV market share in the world's largest automotive market dominated by BYD.
Tech investor Prosus flags sharp drop in full-year profit
The company said earnings from consolidated businesses in the second half of the year had been stronger than in the first six months, and that cashflow from operations had shown a "meaningful improvement" over the year.
Tencent sells 2.1% stake in Policybazaar through bulk deals
Tencent Cloud Europe BV on Friday offloaded over 2 per cent shares of Policybazaar's parent firm PB Fintech for Rs 562 crore through an open market transaction. According to the bulk deal data available with the BSE, Tencent Cloud Europe BV sold 94,16,250 shares, amounting to a 2.09 per cent stake in the firm
Tencent offloads 2% stake in PB Fintech for Rs 562 crore
Tencent sold the shares for Rs 596.6 a piece, roughly 39% below PB Fintech’s IPO price of Rs 980. As per the latest transaction, Tencent's shareholding in PB Fintech has reduced to 6.28% from 8.37% (as of March 2023).
Alibaba to decide on control over new business units after IPOs
Group CEO Daniel Zhang said the company's breakup into separate businesses will allow its units to become more agile and eventually list on their own.
Alibaba's breakup plan lifts hopes China's tech crackdown is ending
Alibaba said on Tuesday it was planning to split into six units and explore fundraisings or listings for most of them, in the biggest restructuring of the technology conglomerate in its 24-year history.
China's Tencent starts new round of layoffs: report
Layoffs will affect three out of Tencent's six business divisions - platform and content (PCG), which comprises of its video and news platforms, its gaming-focused interactive entertainment department (IEG) and cloud and smart industries group (CSIG).
Tencent shifts focus to majority deals, overseas gaming assets for growth: sources
Tencent told Reuters the company had been investing abroad for a long time - "long before any new regulations" in China. It looks for "innovative companies with talented management teams" and gives them room to grow independently, the company added, without elaborating.
Tencent denies report it will sell down Didi, Meituan stakes
Tencent Chief Strategy Officer James Mitchell said last month that a Reuters report it intends to sell all or much of its stake in food delivery giant Meituan was incorrect.
China's Tencent raises stake in 'Assassin's Creed' maker Ubisoft
Interest in the maker of the "Assassin's Creed" and "Tom Clancy's" franchises comes as the world's largest games firm by revenue counters slowing growth at home
Tencent plans to divest $24 billion Meituan stake: sources
Tencent, which owns 17% of Meituan, has been engaging with financial advisers in recent months to work out how to execute a potentially large sale of its Meituan stake
Tencent seeks to raise stake in 'Assassin's Creed' maker Ubisoft, sources say
China's largest social network and gaming firm, which bought a 5% stake in Ubisoft in 2018, has reached out to the French firm's founding Guillemot family and expressed interest in increasing its stake in the firm, four sources with direct knowledge of the matter said. It is not clear how much more Tencent plans to own in Ubisoft, valued at $5.3 billion, two of the sources said.
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