Ma Huateng aka Pony Ma, founder of Tencent Holdings, a popular online game designing company like PUBG and Honor of King, is also the founder of Alibaba Group’s Jack Ma Are following the steps. First he took the crown of China’s richest person from Jack Ma and now, like Jack Ma, he is going to fall under the Chinese Anti-Trust Law.
Pony Ma, the founder of China’s largest social media and video games company Tencent Holdings, has also come under the grip of China Anti-Trust Law. Two sources associated with the case said that China Anti-Trust watchdog officials have met Pony Ma this month and asked the company to work under the Anti-Trust Law. Also, the company has been asked to overhaul its business according to the new law.
Anti-Trust officials meeting Pony Ma and questioning him for several hours are indicative that the anti-trust law may fall on Tencent too, starting with Jack Ma’s company Ant Group and Alibaba Group last year. The crackdown took place. Due to the fear of this investigation, the valuation of Tencent has fallen by $ 170 billion, or about 2 lakh crore rupees since January 2021. At present, the m-cap of the company is more than $ 776 billion i.e. 56.30 lakh crore rupees.
Let us tell you that the Chinese government has brought this law to end the monopoly of Internet companies. The Chinese government says that these big internet companies are eliminating competition in the market with their monopoly and misusing consumers’ data, as well as playing with the interests of customers. This law has been introduced to curb these companies.
175% jump in profit of Tencent Holdings
Tencent has a 175% jump in net profit in the December quarter. The company’s net profit was 59.3 billion yuan, or more than Rs 66,000 crore. Along with this, the company has increased its net sales by 26% this quarter, bringing the revenue of the company to 133.67 billion yuan i.e. 14.88 lakh crore rupees. At the same time, the company’s online games revenue grew by 29% to 39.1 billion yuan, or more than Rs 45,500 crore.
Pony Ma’s company Tencent Holdings Ltd. is one of the largest Internet companies in China. Tencent, the maker of the social media app V Chat, also works in digital production of online video games, video, live streaming, news, music and literature. Tencent has invested in around 800 firms globally. There are 160 unicorn companies among them.
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