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Tencent profit soars, but China watchdogs lurk

And right now that s paying off for Tencent. On Thursday (May 20) the Chinese firm said quarterly profits jumped 65% to just over $7.4 billion. That beat forecasts, driven by a surge in demand for its games at home and abroad. But there s a chill in the air for China s online firms. Regulators have already fined e-commerce titan Alibaba $2.75 billion as part of a sweeping anti-trust clampdown. Last month Reuters reported that Tencent also faces a penalty. Regulators have told it to pay a massive fine, and shed some music assets. Earlier this week its audio streaming unit, Tencent Music, said it faced heightened scrutiny from watchdogs.

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