![]() ![]() WeChat - a fixture in daily Chinese life for everything from hailing a cab to ordering meals and paying utilities bills – plays a central role in funneling traffic to and showcasing Tencent’s businesses. The Communist Party’s flagship newspaper, the People’s Daily, toned down that rhetoric a day later but reinforced the need to fight addiction, underscoring that reining in the giant industry remains a priority. China’s most valuable corporation fell as much as 11% after an outlet run by the Xinhua News Agency called games “spiritual opium” – a loaded term since removed from online posts. PROFILE TENCENT 900B WECHAT SERIESA company representative confirmed user reports on social media Thursday about the resumption.Ī series of state media pronouncements this week have stoked fears Beijing will next train its attention on the gaming sector and its most dominant player, Tencent. The company said at the time it expected to resume new individual user registrations around early August. WeChat, which already has more than 1 billion users, halted signups last week to undergo a “security technical upgrade” to comply with regulations. (Bloomberg) – Tencent has resumed signing up users for its WeChat messaging app, days after suspending registrations for unspecified technical upgrades. – Nadya Swart Tencent resumes WeChat signups as gaming concerns persist The JSE was weaker on Thursday, mirroring its global peers, as investors remained cautious about China’s regulatory clampdown on the technology sector. Two decades later, Naspers/Prosus shareholders are understandably worried as Naspers owns 29% of Tencent via its global investment vehicle, Prosus. Former Naspers CEO Koos Bekker famously discovered Chinese tech success Tencent in 2001 before it exploded in value, powering up the JSE-listed media company. Shares in Tencent and other Chinese video game companies fell more than 10% after Chinese state media condemned online games as “spiritual opium – a damning denunciation given the Middle Kingdom’s history involving that drug. China’s autocratic crackdown on tech companies, prompted by Jack Ma’s criticism of the Chinese government’s increasingly tight financial regulations in October 2020, has steadily intensified – with Ma’s Alibaba and Ant Group and Chinese ride-hailing giant Didi and other Big Tech companies suffering huge setbacks as a result. Rather amusingly, graphics indicating the roller coaster ride that internet giant Tencent has endured this week look like something out of a game. ![]()
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