Chinese tech giant Tencent Holdings should see its games growth recover in the second quarter thanks to multiple new titles being released since the resumption of license approvals, but advertising revenue growth will be sluggish due to intense competition, according to a report from Goldman Sachs.
Growth in China’s gaming industry stalled last year amid a regulatory crackdown on internet content and efforts to stem gaming addiction, with Chinese authorities suspending the licensing process for new games for nine months, restarting it in December. While Tencent’s online and mobile games operation remained its biggest revenue contributor, first-quarter sales growth was primarily driven by payment and other financial technology services, as well as advertising, according to the company’s first quarter results.
Goldman Sachs forecasts continued robust growth of fintech and business services revenue in the second quarter, up 51% year on year to 24.8bil yuan .
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