Tencent's Disney-like ambitions will enchant Xi

China Literature

18/08/2021 11:33

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Robyn Mak
    HONG KONG, Aug 18 (Reuters Breakingviews) - Games, movies
and web shows did well in the quarter, showcasing the $540 bln
group's entertainment prowess. Unlike the U.S. giant, censors
dictate what Tencent can do. Yet a Chinese answer to the Magic
Kingdom at least fits into Beijing's vision of a prosperous
middle class.
    Full view will be published shortly.
    Follow @mak_robyn https://twitter.com/mak_robyn on Twitter 
    
    CONTEXT NEWS
    - Tencent on Aug. 18 reported revenue of 138.3 billion yuan
($21.3 billion) in the three months to end-June, an increase of
20% year on year, in line with the average analyst forecast from
Refinitiv.
    - Adjusted earnings, after excluding share-based
compensation, investment gains and other one-offs, rose 13% to
34 billion yuan.
    - Separately, Tencent's subsidiary China Literature on Aug.
16 reported adjusted earnings of 665 million yuan in the six
months to end June, a 30-fold increase from the same period a
year earlier.
    - Revenue at China Literature’s intellectual property
operations, which adapts online literary content into video
games, comics, animation, films and series, increased 130% in
the period. 
     
    
 

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Tencent quarterly profit beats estimates on robust gaming and
advertising demand     urn:newsml:reuters.com:*:nL1N2PP0J3
Tencent earnings     https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0818/2021081800391.pdf
China Literature earnings     https://ir-1253177085.cos.ap-hongkong.myqcloud.com/investment/20210816/611a32bc37568.pdf
 
BREAKINGVIEWS-Xi’s wealth redistribution push starts with stick 
   urn:newsml:reuters.com:*:nL4N2PP0NI
BREAKINGVIEWS-Tencent sends frightening WeChat status update   
 urn:newsml:reuters.com:*:nL1N2P30K7
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Editing by Una Galani and Karen Kwok)
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