Embracing the new industry paradigm

Cautious expansion: A Tencent office in Shanghai. The tech giant reported its slowest growth on record as it released earnings results on Wednesday. — Bloomberg

BEIJING: Tencent Holdings Ltd pledged to embrace China’s new paradigm of stricter government oversight after reporting its slowest growth on record, declaring the end of an era that nurtured some of the world’s largest and most profitable corporations.

Co-founder Pony Ma and president Martin Lau led executives in endorsing Beijing’s year-long crackdown on Big Tech.