On August 15, Chinese tech giant Tencent released the company's unaudited Q2 financial report. According to the report, the company saw significant growth in Q2 with total revenue up 30% year-on-year to $10.7 billion. However, net profit dropped 2% to $2.7 billion. Read More
On August 13, Tencent's e-book unit China Literature announces that the company is in a deal to acquire film & TV production company New Classics Media (NCM) for up to $2.25 billion. Upon completion of the acquisition, New Classics Media will become China Literature's wholly-owned subsidiary. Read More
The majority of the top 10 most profitable Chinese companies are banks or insurance companies. Exceptions include internet companies Tencent and Alibaba. Read More
Bad Robot, the media vehicle of Hollywood producer, director and writer J.J. Abrams, said it has entered a strategic partnership with Chinese internet giant Tencent Holdings Ltd. to create games spanning mobile, PC and console formats. Read More
This week, Tencent released the company's Q1 2018 financial report. According to the report, the company's total revenue during the reporting period was 73.53 Billion ($11.53 Billion), a 48 percent jump compared to the same period last year. Read More
The court in Beijing’s Haidian district has accepted a case brought by Bytedance-operated short video platform Douyin which is suing Tencent for defamation and requesting RMB 1 million in damages including an apology. Read More
Kuaishou and Douyin may currently be among the frontrunners in China’s short video streaming industry, but new entrant apps from Tencent and Baidu are hoping to challenge their dominance. Read More
Enlight Media has entered into an equity transfer agreement with an industry fund under Tencent that it will sell 27.64% stake in film and TV production company New Classics Media (新丽传媒）for approximately $524 million. Upon completion, Tencent will become the second largest shareholder of New Classics Media. Read More
Tencent has been backing the platform since March 2016 when it led a $100 million B financing round along with Sequoia and Nanshan Capital. It also participated in Douyu’s RMB 1.5 billion worth C financing round in August the same year. Read More
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