Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
  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
Delayed Hong Kong Stock Exchange  -  10:06 2022-09-29 pm EDT
267.20 HKD   -1.26%
09/28U.S. boutique bank Raine expands in Southeast Asia, bets on media and tech
RE
09/28Italy's Satispay valued at over 1 billion euro after raising 320 million euros
RE
09/27Factbox-Companies cut jobs, freeze hiring to prepare for economic slowdown
RE
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Tencent stops sales on its NFT platform Huanhe a year after launch as scrutiny mounts

08/15/2022 | 11:50pm EDT
Tencent in Beijing

HONG KONG (Reuters) - Chinese internet giant Tencent Holdings' non-fungible token (NFT) platform Huanhe will no longer release digital collectibles to the public, it said on Tuesday, as regulatory scrutiny of NFTs mounts in the country.

The Shenzhen-based company said that Huanhe, officially launched early last August, will no longer release new NFTs to users from Tuesday. But the company said that owners of existing collectibles will still be able to hold, display or request a refund for their possessions.

"Based on the company's consideration to focus on its core strategy, Huanhe is making adjustments to its business," Tencent said in a statement.

Huanhe is one of the biggest NFT platforms in China, with new collectibles often sold out instantly upon launch.

The move marks a major retreat by Tencent from the NFT market, which has come under increased scrutiny from Chinese regulators. Digital collectibles in the form of NFTs have become popular around the world in recent years, in large part thanks to an active if not highly speculative secondary market.

After state media repeatedly highlighted issues around NFT speculation in the country, tech giants including Tencent and Ant Group in June signed a pact to stop the secondary trading of digital collectibles and "self-regulate" their activities in the market.

The potential shutdown of Huanhe was first reported by Chinese media last month. In its statement on Tuesday, Tencent did not elaborate on what will happen to the Huanhe brand.

Chinese tech giants have trodden carefully with their NFT platforms within mainland China. Most domestic platforms mostly avoid the wording NFT, opting to describe them as "digital collectibles" instead in a bid to distance them from cryptocurrencies, which are banned in China.

(Reporting by Josh Ye; Editing by Kenneth Maxwell)

By Josh Ye


© Reuters 2022
All news about TENCENT HOLDINGS LIMITED
09/28U.S. boutique bank Raine expands in Southeast Asia, bets on media and tech
RE
09/28Italy's Satispay valued at over 1 billion euro after raising 320 million euros
RE
09/27Factbox-Companies cut jobs, freeze hiring to prepare for economic slowdown
RE
09/27China stocks rebound as consumer, tourism shares rise
RE
09/26Morgan Stanley Dealmakers Justin Yek, Yuen Dezhao to Depart for Airwallex, Actis
MT
09/25Tencent’s Games Continue to Top Global Revenue Ranking in August
MT
09/23BAIOO Proposes Agreement Renewal on Shiwuyu Game
MT
09/23China stocks fall on foreign outflow concerns, geopolitical risks
RE
09/23China stocks fall on foreign outflow concerns, COVID woes
RE
09/21Tencent Refutes Reported Plan to Cut Investments to Fund Share Repurchase
MT
More news
Analyst Recommendations on TENCENT HOLDINGS LIMITED
More recommendations
Financials
Sales 2022 568 B 79 782 M 79 782 M
Net income 2022 101 B 14 219 M 14 219 M
Net cash 2022 76 897 M 10 799 M 10 799 M
P/E ratio 2022 23,0x
Yield 2022 0,41%
Capitalization 2 313 B 325 B 325 B
EV / Sales 2022 3,94x
EV / Sales 2023 3,32x
Nbr of Employees 110 715
Free-Float 63,2%
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
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 55
Last Close Price 245,46 CNY
Average target price 382,39 CNY
Spread / Average Target 55,8%
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-40.02%328 997
NETFLIX, INC.-59.30%109 042
PROSUS N.V.-25.61%72 446
AIRBNB, INC.-33.52%70 786
UBER TECHNOLOGIES, INC.-33.13%55 517
COSTAR GROUP, INC.-11.41%29 369