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Tencent Holdings Ltd ADR TCEHY

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Rectification on the Internet Sector Is Another Blow, Though Unlikely To Be a Severe One

Chelsey Tam Senior Equity Analyst

Analyst Note

| Chelsey Tam |

The Ministry of Industry and Information Technology has announced a half-year rectification on Internet companies, which signals further regulatory tightening. We don’t see material concrete impact from this at this stage and have maintained our China Internet coverage’s fair value estimates intact.  

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Company Profile

Business Description

Tencent is a Chinese Internet giant with businesses and investments in a wide variety of Internet services and contents. Major services include communication and social networking (Weixin/Weixin and QQ), online PC and mobile games, content (news, videos, music, comics, and literature), utilities (email, app store, mobile security, and mobile browser), cloud services, and financial technology. Tenpay in Weixin/Weixin and QQ is a payment solution that enables closed-loop transactions in Tencent’s ecosystems and has been adopted by many third-party partners and offline merchants. Tencent has an aggregate monthly active user base of less than 600 million for QQ and over 1.2 billion for Weixin/Weixin.

Contact
No. 33 Haitian 2nd Road, Tencent Binhai Towers
Shenzhen, 518054, China, People's Republic of
T +86 75586013388
Sector Communication Services
Industry Internet Content & Information
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 89,228

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