China Crackdown Hammers Growth at National Champion Tencent

Growth in gaming eased after China stepped up scrutiny
Revenue climbed 13%, the slowest pace since its 2004 IPO

WATCH: Tencent, China’s most valuable company. posted its slowest pace of revenue growth since it went public in 2004. Stephen Engle reports.Source: Bloomberg

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By Zheping Huang

November 10, 2021 at 8:40 AM UTC

Updated on

November 11, 2021 at 2:07 AM UTC

This article is for subscribers only.

China’s year-long crackdown on its technology industry is taking a heavy toll on Tencent Holdings Ltd., the country’s most valuable company.

The internet giant said revenue rose 13% to 142.4 billion yuan ($22.3 billion) for the three months ended September, the slowest pace since Tencent went public in 2004, after Beijing’s tougher regulations hammered the company’s advertising business and restricted its gaming operations. Shares of Tencent dropped as much as 3.4% on Thursday after the results.