Tencent warned of slowing growth as China regulators continue to put curbs on the tech sector, affecting those in education, gaming and advertising.
Tencent Holdings Ltd warned investors to brace for more regulatory curbs on China’s tech sector, telegraphing that Beijing plans to expand restrictions over its internet giants.
"In the near future, more regulations should be coming,” President Martin Lau told analysts."This should be expected because the regulation has been quite loose over an industry like the internet, considering its size and the importance.” Some investors have worried that the growing largesse might hurt margins. Tencent reported a net income of 42.6bil yuan in the quarter, beating the 30.8bil yuan projected thanks in part to a gain of more than 20bil yuan on its investments around the world.
And portfolio startups like Yuanfudao and VIPKid may be forced to write down their valuations after Beijing banned tutoring firms teaching school subjects to kids from making profits.
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