Bigger job cuts. A fintech revamp. A drought of new games. If China’s crackdown on its giant tech sector is finally easing up, Tencent Holdings has yet to feel it.
Tencent has lost about US$490 billion ($664.54 billion) in market value since its 2021 peak even as it’s consistently played down the impact of Beijing’s heightened scrutiny over industries from entertainment and media to finance. While signs are increasing that China’s campaign is relenting, it’s difficult to make the case that the gaming and social behemoth is out of the woods.