, Columnists
Tencent Can Escape Alibaba’s Fate If Beijing Lets It to Behave Like a SPAC
The company is in many ways an enormous venture capital fund and has a huge advantage because it’s listed in Hong Kong, where no SPACs are allowed.
Getting antsy?
Photographer: NOEL CELIS/AFPThis article is for subscribers only.
After cracking down on Alibaba Group Holding Ltd. and its financial services affiliate Ant Group, Beijing now appears to have Tencent Holdings Ltd. in its crosshairs. Yet the Chinese social-media giant may have a business model that protects it from policy jitters.
There’s been a steady drumbeat of new rules and state-media commentary over the past five months to indicate the regulatory crackdown will continue. Yet shares of Tencent — which spans gaming, social media, mobile payments and online banking — remain remarkably resilient.