Co-founder Pony Ma and President Martin Lau led executives in endorsing Beijing’s year-long crackdown on Big Tech. They pointed out it mirrored a backlash against the enormous power of internet giants globally and argued more regulation will lead to healthier growth in the long run.a new phase of cautious expansion, more than a year after the start of a bruising crackdown that eventually engulfed every internet sphere from ecommerce to online gaming and education.
Tencent’s stock slid more than 4% in Hong Kong while Naspers Ltd., its biggest external shareholder, closed more than 9% lower. Investors are re-calibrating their approach to the market after Xi Jinping and his deputy Liu He pledged to support the economy and markets and finish the clampdown on the tech sector “as soon as possible” — triggering a historic rally in Chinese stocks last week.“Macro and regulatory headwinds aside, Tencent is having its own challenges,” said Shawn Yang, analyst at Blue Lotus Capital Advisors.
This company was a bubble from the start....
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