SHANGHAI—Chinese gaming and social media giant Tencent Holdings posted its slowest revenue growth since it went public in 2004 on Wednesday, hurt by a regulatory crackdown, and said the outlook for the advertising sector would remain weak into next year. Revenue climbed 13 percent to 142.4 billion yuan, slightly below expectations, and was the slowest…
China’s Regulatory Crackdown Pushes Tencent to Slowest Revenue Growth Since 2004
November 10, 2021
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Poor Report Cards Likely at China’s Big Tech After Regulatory Clampdown
November 8, 2021
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SHANGHAI—China’s biggest listed companies Tencent and Alibaba are expected to report a fall in profits and slowing revenue growth in the July–September quarter, hurt by the year-long regulatory clampdown that has upended its tech industry. Beijing has reasserted control over its once-freewheeling Internet sector, punishing well-known names for engaging in what were previously considered regular…
Hong Kong Convicts Second Person Under National Security Law
October 26, 2021
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HONG KONG—Hong Kong has convicted a second person under its sweeping national security law for chanting pro-independence slogans, amid a political clampdown in the city. Ma Chun-man was convicted of inciting secession on Monday after he was found to have chanted slogans such as “Hong Kong independence, the only way out” on 20 occasions between…
Philippines’ Duterte Says He Takes Full Responsibility for Drugs War
MANILA—Philippines President Rodrigo Duterte said on Thursday he took full responsibility for the bloody war on drugs that has killed thousands of people, but maintained he will never be tried by an international court. “If there is any person who is going to prison, it would be me,” Duterte said in a speech during an…
Xi Jinping Destroys Private Media Ownership; Former FBI Agent Details New Arrest of Nuclear Engineer
October 13, 2021
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Chinese leader Xi Jinping continues clamping down on various sectors in China. The newest victims are banks and news outlets. All it takes to destroy them is one proposal. We bring you up to date on what the Chinese Communist Party is doing to their own arms and legs, as well as what it means…
Opportunism Drives CCP’s Crackdown on Macau Casinos, Analysts Say
News Analysis China’s widely reported crackdown on the gaming industry of Macau arises from a mixture of opportunism and ideology, with the former an overriding factor, according to observers. The desire to eliminate perceived threats to Beijing’s dominance, and the economic motive of keeping gaming revenue from leaving China, are driving forces in this latest…
China’s Central Bank Governor Says Fintech Crackdown to Continue
October 11, 2021
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China’s central bank vowed to keep its eye on monopolistic behaviors and consumer data security matters occurring on internet platforms. The move—claimed by regulators to be for fair competition—was to tap the wealth, said an observer. Governor of the People’s Bank of China Yi Gang addressed a meeting Oct. 7 saying the bank will work…
Beijing Unleashes Sweeping Bid to Remold Society
September 21, 2021
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China’s tech behemoths are handing months of profits to Beijing to demonstrate loyalty to the communist party. Popular actors have been erased from internet history with their devoted online fan groups disbanded. Young gamers are now allowed no more than three hours of playtime per week. Across Chinese classrooms, 147,000 newly-minted inspectors have been deployed…
Court Win for EU Regulators Over Crackdown on $825 Million Belgium Tax Scheme
LUXEMBOURG—EU competition regulators secured a big win on Thursday when Europe’s top court backed their crackdown on Belgium’s 700-million-euro ($825-million) tax scheme for Magnetrol, BP and more than 30 other multinationals. European competition chief Margrethe Vestager launched a fight against sweetheart tax deals nearly a decade ago. She has won three cases at a lower…
China Crackdown Wipes Hundreds of Billions Off Top Companies’ Values
September 13, 2021
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SHANGHAI—China’s regulatory crackdown has ensnared sectors from technology to education to property, wiping hundreds of billions off the market capitalizations of some of its largest companies and putting investors on alert over who may be next. Here are some of the largest names that have been affected so far. Alibaba Group The woes of China’s…
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