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TENCENT HOLDINGS LIMITED

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Delayed Hong Kong Stock Exchange  -  04:08 2022-06-30 am EDT
354.40 HKD   -2.90%
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U.S. bill would bar Google, Apple from hosting apps that accept China's digital yuan

05/26/2022 | 07:51pm EDT
FILE PHOTO: Illustration picture of the app for China's digital currency

WASHINGTON, May 26 (Reuters) - Republican senators want to bar U.S. app stores including Apple and Google from hosting apps that allow payments to be made with China's digital currency, amid fears the payment system could allow Beijing to spy on Americans.

The bill, unveiled Thursday and first reported by Reuters, states that companies that own or control app stores "shall not carry or support any app in app store(s) within the United States that supports or enables transactions in e-CNY." It is sponsored by Senators Tom Cotton, Marco Rubio and Mike Braun.

According to Cotton's office, digital yuan could provide the Chinese government with "real-time visibility into all transactions on the network, posing privacy and security concerns for American persons who join this network."

The Center for a New American Security, a Washington, D.C.-based think tank, said in a January 2021 report that China's digital currency and electronic payments system was "likely to be a boon for CCP surveillance in the economy and for government interference in the lives of Chinese citizens," noting that "transactions will contain precise data about users and their financial activity."

The move comes after WeChat, a messaging and payment application owned by China's Tencent with over 1.2 billion users, announced it would begin supporting the currency earlier this year. Alipay, the hugely popular payments app owned by Jack Ma's Ant Group, also accepts the digital currency. Both apps are available in the Apple and Google App stores.

Apple Inc, Alphabet Inc's Google, Ant Group and Tencent did not respond to requests for comment.

The Chinese Embassy in Washington called the legislation "another example of the United States wantonly bullying foreign companies by abusing state power on the untenable ground of national security."

While stopping potential national security threats related to China is a rare point of bipartisan agreement in the deeply divided U.S. Congress, prospects for the bill's passage ahead of midterm elections are uncertain. (Reporting by Alexandra Alper Editing by Nick Zieminski and Leslie Adler)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. -0.21% 2174.75 Delayed Quote.-24.93%
APPLE INC. 1.62% 138.93 Delayed Quote.-23.01%
AUSTRALIAN DOLLAR / CHINESE YUAN RENMINBI (AUD/CNY) -1.21% 4.56471 Delayed Quote.0.20%
BRITISH POUND / CHINESE YUAN RENMINBI (GBP/CNY) -0.02% 8.102748 Delayed Quote.-5.20%
CANADIAN DOLLAR / CHINESE YUAN RENMINBI (CAD/CNY) -0.01% 5.1995 Delayed Quote.3.49%
EURO / CHINESE YUAN RENMINBI (EUR/CNY) -0.44% 6.987 Delayed Quote.-2.84%
INDIAN RUPEE / CHINESE YUAN RENMINBI (INR/CNY) 0.05% 0.084897 Delayed Quote.-0.53%
TENCENT HOLDINGS LIMITED -2.90% 354.4 Delayed Quote.-22.42%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.10% 6.7 Delayed Quote.5.30%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) 0.00% 6.7 Delayed Quote.5.45%
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Financials
Sales 2022 584 B 87 191 M 87 191 M
Net income 2022 118 B 17 589 M 17 589 M
Net cash 2022 92 879 M 13 864 M 13 864 M
P/E ratio 2022 25,5x
Yield 2022 0,38%
Capitalization 2 888 B 431 B 431 B
EV / Sales 2022 4,78x
EV / Sales 2023 4,00x
Nbr of Employees 116 213
Free-Float 62,5%
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Number of Analysts 52
Last Close Price 302,55 CNY
Average target price 398,15 CNY
Spread / Average Target 31,6%
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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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