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TENCENT HOLDINGS LIMITED

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Tencent : China to keep up scrutiny of internet sector - Xinhua

10/17/2021 | 06:43am EST
FILE PHOTO: A man looking at a phone is seen through a digitally decorated glass during the World Internet Conference (WIC) in Wuzhen, Zhejiang

BEIJING (Reuters) - China will continue its scrutiny of the internet sector, rooting out practices including the blocking of site links by rival platforms and ensuring smaller players have room to develop, its industry minister said in an interview published on Sunday.

China has been engaged this year in a sweeping campaign across regulators to rein in its massive and free-wheeling online economy, led by giants Alibaba Group Ltd, Tencent Holdings Ltd and others.

In July, the Ministry of Industry and Information Technology launched a six-month regulatory campaign aimed at tackling issues including disrupting market order, infringing on the rights of users, compromising data security and bombarding users with pop-up windows that could not be closed.

"Currently, corporates have increased their awareness of compliance, and some outstanding problems have been solved preliminarily," Xiao Yaqing, China's industry and information minister, told the official Xinhua news agency.

He said that the blocking of rivals' links had been resolved, while uncloseable pop-ups had mostly been eliminated.

Xiao said the ministry will work with other government departments and the industry to ensure more space for the development of small- and medium-sized firms in the sector.

(Reporting by Muyu Xu and Tony Munroe; Editing by Jan Harvey)


© Reuters 2021
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Financials
Sales 2021 569 B 88 957 M 88 957 M
Net income 2021 159 B 24 822 M 24 822 M
Net cash 2021 138 B 21 609 M 21 609 M
P/E ratio 2021 23,3x
Yield 2021 0,44%
Capitalization 3 617 B 566 B 566 B
EV / Sales 2021 6,12x
EV / Sales 2022 5,10x
Nbr of Employees 107 348
Free-Float 62,4%
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Number of Analysts 49
Last Close Price 379,85 CNY
Average target price 511,10 CNY
Spread / Average Target 34,6%
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Managers and Directors
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
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