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Benzinga
Benzinga
Politics
Anusuya Lahiri

Inspired By Alibaba, Tencent Goes Global As Regulatory Crackdown In China Continues To Bite

Tencent China Alibaba Group Holding Limited NYSE Tencent Holdings Ltd Addiction Singapore
  • Tencent Holdings Ltd (OTC:TCEHY) looks to unleash its flagship mobile game "Honor of Kings" globally by the end of 2022, Reuters reports. 
  • Tencent will launch the international version under its Singapore-based brand Level Infinite, formed in 2021 to help games globally.
  • "Honor of Kings," with over 95% of its users in China, ranked as the world's top-grossing game in April with more than $274 million in player spending, up 6.2% year on year.
  • Tencent's multiplayer action game generated $10 billion in revenue between its 2015 launch and September 2021.
  • China stopped issuing gaming monetization licenses in China in July 2021 to contain teenagers' addiction to games. 
  • The latest batch of 60 game licenses did not include Tencent.
  • Tencent missed the Q1 consensus as domestic revenue declined by 1%.
  • Alibaba Group Holding Limited (NYSE:BABA) and other Chinese companies also explored international expansion as regulatory crackdowns weighed on the stocks.
  • China's top economic official recently hinted toward possible ease in the ongoing crackdown on digital platform companies.
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