Chinese internet giant Tencent on Wednesday announced third-quarter revenue growth of just 3% compared to the previous one, a slowdown amid regulatory restrictions on video games and the tech sector.
Its sales amounted to 142.4 billion yuan (19.2 billion euros) over the period July-September, with an increase of 13% over one year, less than expected: according to the Bloomberg agency, it this is the slowest growth rate since the group's listing on the stock market in 2004 in Hong Kong.
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The authorities have imposed since the end of the summer a drastic weekly limit of three hours of online video games for those under 18, in order to limit addiction among the youngest.
A measure that particularly affected Tencent, the heavyweight in the sector, and its popular multiplayer online game "
Honor of Kings
", which has more than 100 million daily active users.
Chinese regulators, now very picky about competition and personal data issues, have in recent months pinned down several giants in the internet and technology sector.
New regulations “actively” adopted by the company
Minors are only allowed to play online games on weekends, public holidays and during school holidays. The measure does not apply to games that do not require internet access. The authorities had asked the companies concerned, including Tencent, "
to apply
the regulations
to the letter
".
The group based in Shenzhen (southern China) soberly indicated Wednesday, in its earnings release, "
actively adopt this new regulatory environment
" which "
should contribute to a more sustainable development of the sector
".
The new regulations have in any case had a significant effect: according to Tencent, minors represented in September only 0.7% of playing time on its platforms in China - against 6.4% a year earlier.
Earlier this year, Tencent was forced to give up its exclusive music rights for streaming, with the regulator accusing the company of carrying out an "
illegal concentration of commercial operators
."
