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TENCENT HOLDINGS LIMITED

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Tencent : WeChat suspends new user registration for security compliance

07/27/2021 | 06:34am EDT
WeChat app is seen on a smartphone in this illustration taken

BEIJING (Reuters) - Tencent's WeChat has temporarily suspended registration of new users in mainland China as it undergoes a technical upgrade "to align with relevant laws and regulations", China's dominant instant messaging platform said on Tuesday.

"We are currently upgrading our security technology to align with all relevant laws and regulations," the company said in a statement to Reuters.

"During this time, registration of new Weixin personal and official accounts has been temporarily suspended. Registration services will be restored after the upgrade is complete, which is expected in early August," it added.

Weixin is the Chinese name for WeChat.

Shares in Tencent plunged 9.0% in Hong Kong on Tuesday amid widespread market jitters over Chinese regulatory crackdowns on high-growth sectors, including online platforms and, most recently, private tutoring. Hong Kong's benchmark Hang Seng Index fell 4.2%.

China is in the process of tightening policies towards privacy and data security. It is readying a Personal Information Protection Law, which calls for tech platforms to impose stricter measures to ensure secure storage of user data.

Beijing-based tech consultant Zhou Zhanggui said investors were over-reacting to the "rectification" of Chinese tech companies. "The suspension of new user registrations on WeChat has no substantial impact on Tencent in the short term," Zhou said.

Keso Hong, an independent industry analyst, said Tencent's share price decline was triggered by changes in the overall regulatory environment, including the crackdown on tutoring firms. "It happened today after the market panic kept building up," he said.

(Reporting by Sophie Yu, Yingzhi Yang and Tony Munroe; Editing by Louise Heavens and David Holmes)


ę Reuters 2021
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Analyst Recommendations on TENCENT HOLDINGS LIMITED
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Financials
Sales 2021 579 B 89 692 M 89 692 M
Net income 2021 150 B 23 208 M 23 208 M
Net cash 2021 136 B 21 099 M 21 099 M
P/E ratio 2021 24,9x
Yield 2021 0,41%
Capitalization 3 671 B 569 B 569 B
EV / Sales 2021 6,11x
EV / Sales 2022 4,97x
Nbr of Employees 94 182
Free-Float 62,4%
Chart TENCENT HOLDINGS LIMITED
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Tencent Holdings Limited Technical Analysis Chart | 700 | KYG875721634 | MarketScreener
Technical analysis trends TENCENT HOLDINGS LIMITED
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Mean consensus BUY
Number of Analysts 52
Last Close Price 385,38 CNY
Average target price 540,85 CNY
Spread / Average Target 40,3%
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Managers and Directors
Hua Teng Ma Executive Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Yu Xin Ren COO & President-Interactive Entertainment Group
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