Tencent Holdings Ltd warned investors to brace for more regulatory curbs on China’s tech sector, telegraphing that Beijing plans to expand restrictions over its internet giants.
China’s largest company reported its slowest pace of quarterly revenue growth since early 2019, underscoring the impact of crackdowns including on the edtech sector – a major source of ad revenue. The company’s core mobile gaming business cooled as it cut playing time for minors, part of Xi Jinping’s campaign to address social ills and redistribute wealth.
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