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Tencent Stays in Beijing’s Sights Even After $490 Billion Drop

  • Challenges abound amid signals China’s crackdown could relent
  • Gaming and social giant set to report slowest growth on record
Tencent Holdings Ltd. headquarters in Shenzhen, China.

Tencent Holdings Ltd. headquarters in Shenzhen, China.

Photographer: Qilai Shen/Bloomberg

Bigger job cuts. A fintech revamp. A drought of new games. If China’s crackdown on its giant tech sector is finally easing up, Tencent Holdings Ltd. has yet to feel it.

Tencent has lost about $490 billion in market value since its 2021 peak even as it’s consistently played down the impact of Beijing’s heightened scrutiny over industries from entertainment and media to finance. While signs are increasing that China’s campaign is relenting, it’s difficult to make the case that the gaming and social behemoth is out of the woods.