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Up. Down. And sideways?
Welcome to the new normal for China’s big tech
What Tencent’s rebound says about the prospects for a once-unstoppable sector
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The government’s clampdown on tech seems to have ended with regulators easing off companies’ old businesses.
PHOTO: EPA-EFE
The Economist
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Perhaps no company embodies the ups and downs of Chinese big tech better than its biggest tech firm of all – Tencent.
Two years ago, the online empire seemed unstoppable. More than a billion Chinese were using its ubiquitous services to pay, play and do much else besides. Its video games, such as League Of Legends, were global hits. Tencent’s market value exceeded US$900 billion (S$1.2 trillion), and the firm was on track to become China’s first trillion-dollar company.
