Tencent has reported a jump in second-quarter profits, as one of China’s biggest tech groups bucked expectations of a deeper hit from a regulatory crackdown by Beijing.
The strong earnings, which topped analysts’ expectations, came despite some signs of slowing growth and broad investor concern that the social media and fintech group would be engulfed by the regulatory storm battering much of China’s technology sector.
The measures by the Chinese government, which have targeted groups ranging from video games makers to education providers, have knocked tens of billions of dollars off the value of Chinese companies, including Tencent. Shares in the Shenzhen-based business have fallen more than 40 per cent over the past six months.
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