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Hello reader,
Why are teenagers in China buying fake IDs online? Is it for purchasing alcohol? Or is it to enter bars and clubs? Turns out, many just want to play a mobile game.
More than 100 million people in China play Tencent’s Honor of Kings, which combines swashbuckling sword-and-sorcery action with characters that Chinese players are familiar with.
Despite its addictive gameplay, Honor of Kings saw a decrease of 28% and 2% in terms of time spent in its platform for February and March, respectively.
Excessive bureaucracy, harsh censorship, and encroachment into day-to-day management are all drawbacks of having Beijing on your side.
In today’s top story, my colleague Collin has the rundown on Tencent’s growing troubles and its plan of action going forward.
Today we look at:
- Tencent’s toughest battle in China’s gaming arena
- The potential ousting of YGG as an investor in Merit Circle
- Other newsy highlights such as the push for blockchain tech in China’s judicial system and Alibaba’s slowest quarterly growth since its US listing in 2014.
Also, do fill out this CDP x Tech in Asia questionnaire survey and be part of our campaign to help the startup ecosystem go green.
— Deepti
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Difficulty level: Tencent
Image credit: Timmy Loen
In the first quarter of 2022, Tencent posted its lowest revenue growth since going public in 2004. Its total revenue for the quarter stood at US$20 billion, down 6% from Q4 2021.
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