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Tencent reports strong quarterly results amid imminent Chinese antitrust regulation

Picture of Tencent office
Picture of Tencent office

Tencent reported a total revenue of $18.42 billion, a growth of 29% YoY, buoyed by a good performance by its mobile gaming segment. The Chinese conglomerate's quarterly results for Q3 2020 were announced in the shadow of tightening regulations and growing scrutiny of monopolistic activity. Earlier this month, the Chinese government halted Ant Group's IPO valued at $37 billion. The Shanghai Stock Exchange said that this was because there had been "material changes" in the regulatory stance on financial services, and Ant Group's IPO might no longer meet all requirements for listing. Martin Lau, president of Tencent, assured investors that the imminent regulations will not be much of a problem for the company. "There will not be a lot of changes in our strategy." He was answering an investor's question regarding how the policy will affect Tencent's fintech operations. Lau said that Tencent's business and strategy "fits very will with the spirit of the [antitrust] regulatory framework". "And we also embrace competition. And as a matter of fact, we thrive on competition. And sometimes, even internally, we compete — have multiple products competing with each other." The company seemed eager to talk about the competition its products face, and that its actions aren't necessarily monopolistic. On the gaming business, an investor asked why the number of Tencent games in China's top-10 mobile games had come down. James Mitchell, chief strategy officer, replied that this was a "very healthy development". "Our aspiration is not domination," he added. Gaming business saw global…

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