News Snapshot:
Tencent Holdings , operator of China’s biggest social media app and the country’s biggest gaming company by revenue, reported first-quarter profits above the expected 34.4 billion yuan (US$5.3 billion), beating estimates to report a 65 per cent increase from the same period a year ago, as it braces for tighter scrutiny from Chinese regulators continuing to tighten the screws on the country’s tech sector. The Hong Kong-listed company reported a profit of 47.8 billion yuan in the quarter ended March, compared with 28.9 billion yuan in the same period of 2020. Revenue reached 135.3 billion yuan, a rise of 25...
