New Delhi: China’s Communist Government is now clamping the law on another big entrepreneur after Alibaba founder Jack Ma. The Chinese anti-trust law (China Anti-Trust) is also founded on Ma Huateng aka Pony Ma, founder of the online Games Pubji and Honor of King design company Tencent Holdings. Law) is about to fall. Please tell that he had become the richest person in China by beating Jack Ma.
Rs 2 lakh crore decrease in valuation of Tencent
Officials of the Chine Anti-Trust Watchdog this month have met Pony Ma and asked the company to work under the law. Also, the company has also been asked to restructure its business according to the new law. It is clear from meeting Pony Ma and questioning for several hours that now the anti-trust law will fall on Tencent too. Let us know that it started with Jack Ma’s company Ant Group and Alibaba Group last year. Due to the fear of this investigation, the valuation of Tencent has declined by about 2 lakh crore rupees ($ 170 billion) since January 2021.
Anti-trust law brought to end monopoly
Tencent’s market cap is currently over Rs 56.30 lakh crore ($ 776 billion). The Chinese government has brought this law to end the monopoly of Internet companies. The Chinese government says that these big internet companies are ending their competition in the market on the basis of their monopoly and misusing the consumers’ data. At the same time, they are also playing with the interests of customers. Tencent reported a 175 per cent jump in net profit in the December 2020 quarter. The company’s net profit was more than Rs 66,000 crore (59.3 billion yuan).
26% growth in sales recorded during December quarter
The game designing company registered a 26 per cent increase in net sales during the December 2020 quarter, bringing the company’s revenue to Rs 14.88 lakh crore (133.67 billion yuan). At the same time, the company’s online games revenue grew by 29 percent to more than Rs 45,500 crore (39.1 billion yuan). Pony Ma’s company is one of the largest Internet companies in China. Tencent, the maker of the social media app V Chat, also works in digital production of online video games, live streaming, news, music and literature.
