China's Tencent posts slowest-ever sales rise; regulation impact set to ease

FILE PHOTO: A Tencent logo is seen in Beijing, China September 4, 2020. REUTERS/Tingshu Wang/File Photo

Revenue at Chinese social media and gaming giant Tencent grew just 8% in the fourth quarter, the slowest pace since it went public in 2004, reflecting regulatory scrutiny that has hurt both its gaming business and advertising sales.

China has frozen game approvals since August last year and curtailed gaming time for under-18s, part of Beijing’s move to strengthen control over its society and industries including technology, after years of unbridled growth.

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