A Chinese Communist Party newspaper has urged the country’s regulators to end their erratic moves against the platform economy, in a sign of growing concern over policy damage to the health of the country’s ailing internet titans. A front page opinion piece published by the Study Times, the mouthpiece of the Central Party School, on … Read more
A key Chinese official involved in oversight of the country’s video gaming industry has stepped down after proposed regulation last month wiped out billions of dollars of value from Chinese gaming stocks, according to people familiar with the situation. Feng Shixin, a long-serving official, has left his official role as the publication bureau chief at … Read more
China’s central bank has agreed that Ant Group’s mobile payment app Alipay has no controller, a crucial step in the fintech giant’s overhaul deemed necessary to put its much-anticipated initial public offering back on track. The billionaire’s share of the voting rights are now divided among Hangzhou Junhan Equity Investment – owned by Ma and … Read more
The latest batch of approvals, released by the National Press and Publication Administration (NPPA) on Monday, marked the first time Beijing had approved more than 100 titles in its monthly list since July 2022, when 135 titles made the cut. On Friday, the regulator also approved 98 imported titles. The move “strongly demonstrates authorities’ clearly … Read more
Tencent Holdings has quietly made inroads into the Chinese short-video e-commerce industry and is mobilising resources to build up its capabilities to take on ByteDance and Kuaishou, according to local media reports. This year, the social media giant is on track to achieve 100 billion yuan (US$13.9 billion) in e-commerce gross merchandise value (GMV) – … Read more
ByteDance’s sales surged in 2023 to more than US$110 billion, according to people familiar with the matter, potentially overtaking arch-foe Tencent Holdings in a sign TikTok’s fledgling e-commerce business is driving growth at a time of economic malaise. The world’s most valuable start-up’s growth broadly matched the 30 per cent pace it managed in 2022, … Read more
“Tech for Good is one of Tencent’s missions and visions, and League of Legends is adhering to this to make the world warmer,” said Su, adding that the title developed by US subsidiary Riot Games has contributed to more than 10 philanthropic projects covering environmental protection and medical service improvements over the past decade. ByteDance … Read more
China’s video game industry achieved double-digit growth this year after a small decline in 2022, but overseas revenue fell, according to the country’s semi-official gaming industry association. China’s video game sales increased 14 per cent this year to 303 billion yuan (US$42.7 billion), marking the highest yearly sales since the data became available in 2003, … Read more
China’s Big Tech landscape continues to undergo seismic shifts, with video gaming and news portal NetEase overtaking food delivery giant Meituan as the country’s fourth most valuable listed technology company, after Tencent Holdings, PDD Holdings and Alibaba Group Holding. NetEase’s market cap stood at HK$563.2 billion (US$72.1 billion) in Hong Kong on Thursday, compared with … Read more
It will pay cash for Tencent Animation and Comics, including the app, associated intellectual property rights, and animation, film and television series. Why China is falling in love with Korean fiction According to a corporate filing by China Literature, the 600 million yuan price is a 36 per cent premium compared to the assets’ book … Read more
