What Tencent’s rebound says about prospects for China’s big tech
A once unstoppable sector is getting used to a new normal
PERHAPS NO COMPANY embodies the ups and downs of Chinese big tech better than its biggest tech firm of all—Tencent. Two years ago the online empire seemed unstoppable. More than a billion Chinese were using its ubiquitous services to pay, play and do much else besides. Its video games, such as “League of Legends”, were global hits. Tencent’s market value exceeded $900bn, and the firm was on track to become China’s first trillion-dollar company.
This article appeared in the Business section of the print edition under the headline “Unleashed, sort of”
Business February 18th 2023
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