Tencent posted falling third-quarter profits and Alibaba, its main rival, is to push on to its home turf with the announcement of a Hong Kong listing.
The Chinese media and gaming group’s sales climbed 21 per cent to Rmb97.2bn ($13.8bn) during the period to September 30. However, net profit fell 13 per cent from a year earlier.
Tencent has been buffeted by a slowing economy, an increasingly crowded advertising market and greater government regulation and censorship of its core gaming business as well as online video.
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