Deals

Indonesia: Tencent-backed MD Entertainment to acquire NETV for $107m

The transaction will allow MD Entertainment to become the new controlling shareholder of NETV.

Analysis

Tencent-backed video game ‘Black Myth: Wukong’ hits record player numbers on debut

"Black Myth: Wukong" topped Steam's most-played games chart with 1.4m concurrent players.

IPOs & Markets

Nikke game maker Tencent-backed Shift Up surges 33% in South Korea debut

The opening price gave the gaming company a market valuation of about $313m.

Analysis

Charticle: Independent VCs catch up as average cheque sizes of China’s CVCs shrink

CVCs participated in 20% of all venture deals sealed in China last year.

IPOs & Markets

Tencent-backed Korean gaming firm Shift Up may price IPO at top end of band

If finalised, the pricing values the game developer's market capitalisation at about $2.52b.

Unicorns

Ant Group weighs exiting personal credit firm Baihang: report

Baihang Credit is Chi­na's first licenced personal credit agency.

Analysis

Tencent’s dry spell in gaming may have ended with ‘Dungeon and Fighter’

The mobile game was ranked as the world's second top-selling app last week.

Earnings and Results

Tencent Music beats Q1 revenue estimates on steady paid subscription, ad growth

Paying users at its online music streaming service rose 20.2% to 113.5 million year-over-year.

Analysis

Tencent shifts focus to in-house games from big-budget Western franchises

Developing big-name Western franchises for mobile phones tends to yield thin margins.

Analysis

Tencent-backed Chinese auto insurtech provider Cheche mulls overseas expansion in 2024

The move comes just six months after Cheche's stock market debut on Nasdaq.