Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Hong Kong
  4. Hong Kong Stock Exchange
  5. Tencent Holdings Limited
  6. News
  7. Summary
    700   KYG875721634

TENCENT HOLDINGS LIMITED

(700)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

China sets rules to safeguard drivers' rights in ride-hailing industry

11/29/2021 | 11:55pm EST

BEIJING, Nov 30 (Reuters) - China outlined new rules on Tuesday to safeguard the rights of drivers in its giant ride-hailing industry, requiring operators of the services to provide them with social insurance and make their earnings public.

In a statement, the transport ministry said ride-hailing companies should improve income distribution mechanisms. It also said anti-monopoly measures will be stepped up against such companies and a "disorderly expansion of capital" will be prevented in the sector.

The rules came after Chinese regulators told companies including Didi Global, Meituan, Alibaba Group's Ele.me and Tencent Holdings in September to improve how they distributed incomes and ensure rest periods for drivers and food-delivery riders.

They come as President Xi Jinping has called for China to achieve "common prosperity", seeking to narrow a yawning wealth gap that threatens the country's economic ascent and the legitimacy of Communist Party rule.

The new rules could increase costs for ride-hailers and impact their earnings. The industry in China hit an overall transaction volume of 249.91 billion yuan ($39.22 billion) in 2020, according to a report by the Internet Society of China.

Regulators in China have come down hard on its biggest technology firms this year, criticising them for policies that exploit workers and infringe on consumer rights, as part of a campaign to exert more control over large swathes of the economy after years of runaway growth.

In August, a transport ministry official said the regulator would impose a cap on the percentage ride-hailing platforms can take from drivers' fees.

China's state media has also criticised Didi, the country's dominant ride-hailing platform, for not paying drivers fairly. ($1 = 6.3715 Chinese yuan renminbi) (Reporting by Yingzhi Yang and Brenda Goh; Editing by Muralikumar Anantharaman)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MEITUAN -0.37% 215.8 End-of-day quote.-4.26%
TENCENT HOLDINGS LIMITED -2.75% 452.8 End-of-day quote.-0.88%
All news about TENCENT HOLDINGS LIMITED
04:17aChina wants internet giants to get approval for investments, fundraisings - sources
RE
01/18Sony Group Shares Fall Sharply After News of Microsoft Deal for Activision Blizzard
DJ
01/18Microsoft Signs Deal to Acquire Activision Blizzard for $68.7 Billion, Targeting Furthe..
MT
01/18Factbox-Biggest deals in the consolidating videogame market
RE
01/18Microsoft Agrees to Acquire Activision Blizzard for $68.7 Billion; Activision Shares So..
MT
01/18Microsoft to gobble up Activision in $69 billion metaverse bet
RE
01/18Hong Kong shares end lower weighed down by tech stocks
RE
01/18Russian bonds sink as Ukraine worries mount; EM stocks hit
RE
01/18Sumo Delists from London's AIM After Takeover by China's Tencent
MT
01/17China stocks rise as property, infrastructure firms gain; Hang Seng down
RE
More news
Analyst Recommendations on TENCENT HOLDINGS LIMITED
More recommendations
Financials
Sales 2021 567 B 89 323 M 89 323 M
Net income 2021 159 B 25 042 M 25 042 M
Net cash 2021 138 B 21 684 M 21 684 M
P/E ratio 2021 22,7x
Yield 2021 0,45%
Capitalization 3 519 B 554 B 554 B
EV / Sales 2021 5,96x
EV / Sales 2022 4,99x
Nbr of Employees 107 348
Free-Float 62,5%
Chart TENCENT HOLDINGS LIMITED
Duration : Period :
Tencent Holdings Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends TENCENT HOLDINGS LIMITED
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 50
Last Close Price 369,14 CNY
Average target price 502,15 CNY
Spread / Average Target 36,0%
EPS Revisions
Managers and Directors
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau Chief Strategy & Investment Officer
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
Sector and Competitors
1st jan.Capi. (M$)
TENCENT HOLDINGS LIMITED-0.88%554 003
NETFLIX, INC.-15.21%226 260
PROSUS N.V.0.91%214 837
AIRBNB, INC.-7.09%96 865
UBER TECHNOLOGIES, INC.-8.39%74 520
NASPERS LIMITED2.29%63 564