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Tencent Achieves $24 Billion Annual Profit as Regulators Hover

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variety.com
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Patrick Frater Asia Bureau ChiefTencent, the social media, games and entertainment colossus that is China’s largest corporation, announced annual profits of $24 billion or $2 billion per month for 2020, a stunning 67% leap.

But investors’ eyes are largely focused on what China’s regulators have in store for the company.Two years ago, regulators sought to control the games industry component of Tencent.

Now the specific area of vulnerability appears to be financial services, where rival tech giant Alibaba has already come under pressure.Alibaba was recently forced to rewrite the business model for its Ant Group financial services unit after Ant’s blockbuster IPO was halted at the last minute, supposedly after presidential intervention.

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