Tencent plays down WeChat ban after results beat estimates

China’s biggest social media company has benefited from an Internet resurgence during the coronavirus pandemic. — Reuters

Tencent Holdings Ltd tried to reassure investors that US President Donald Trump’s ban on its WeChat messaging service may apply only to its overseas operations, suggesting the impact on the world’s largest gaming corporation should be modest.

The Chinese company’s shares gained as much as 2% in Hong Kong. During a conference call after earnings, executives repeatedly emphasised the distinction between WeChat, which is used outside China, and Weixin, a similar service within the country. Trump’s executive order specifically mentioned banning the former because of alleged risks to American national security.