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Tencent Tries to Recover From $200 Billion Antitrust Slide

  • China’s biggest company is riding a gaming and cloud boom
  • Questions linger over fallout from Xi Jinping’s crackdown
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Tencent Holdings Ltd. is setting out to prove it’s best placed to weather a storm of antitrust scrutiny that’s wiped about $200 billion off the value of China’s largest company in a span of months.

Its results on Thursday should affirm the resilience of the world’s largest game-publishing business as the pandemic recedes, now buttressed by growth in newer arenas such as fintech and the cloud. Yet it’s struggled to claw back the market capitalization it’s shed since its January peak, right around the time Beijing began a clampdown on Jack Ma’s Alibaba Group Holding Ltd. and Ant Group Co. before moving on to rising star Meituan.