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TENCENT HOLDINGS LIMITED

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Delayed Hong Kong Stock Exchange  -  05/18 11:15:07 pm EDT
339.00 HKD   -7.28%
11:47aTencent profit halves, revenue flat as crackdown and COVID-19 weigh
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08:00aTRANSCRIPT : Tencent Holdings Limited, Q1 2022 Earnings Call, May 18, 2022
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Tencent Fired 'Nearly 70' Staff for Graft in 2021

01/25/2022 | 02:03am EDT

By Yifan Wang

Tencent Holdings Ltd. fired "nearly 70" employees in 2021 for violations of its corporate anti-corruption policies, it said Tuesday.

The world's largest video-game developer said in a statement that it discovered and investigated more than 50 cases of anti-corruption-policy violations through the year, and took actions including contacting public security authorities regarding more than 10 people it suspected of criminal wrongdoing.

Tencent has publicly released accounts of its internal anti-corruption reviews since 2019. The company in 2016 launched a social media account to promote its anti-bribery governance and encourage public reporting of graft, a move that came three years after President Xi Jinping launched his signature anti-corruption campaign.

Analysts said the timing of Tencent's publication this year, after various regulatory action by Chinese authorities last week including summoning internet platform companies like Tencent and e-commerce giant Alibaba Group Holding Ltd. about workers' welfare, suggests that companies are aware of officials' continued scrutiny of the tech sector after a year-long crackdown.

"Other companies might soon follow suit" and publicize internal anti-corruption reviews, UOB Kay Hian analyst Chun Sung Oong said. He added that "more enforcement actions in the coming months" are likely given the recent passage of several new cybersecurity and personal data policies in China.


Write to Yifan Wang at yifan.wang@wsj.com


(END) Dow Jones Newswires

01-25-22 0203ET

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Analyst Recommendations on TENCENT HOLDINGS LIMITED
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Financials
Sales 2022 598 B 88 510 M 88 510 M
Net income 2022 124 B 18 339 M 18 339 M
Net cash 2022 123 B 18 235 M 18 235 M
P/E ratio 2022 25,7x
Yield 2022 0,41%
Capitalization 2 998 B 444 B 444 B
EV / Sales 2022 4,81x
EV / Sales 2023 3,93x
Nbr of Employees 112 771
Free-Float 62,5%
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Mean consensus BUY
Number of Analysts 47
Last Close Price 314,57 CNY
Average target price 411,37 CNY
Spread / Average Target 30,8%
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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
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