Beijing has fought hard to protect Huawei’s market share abroad. But Tencent has a more global reach in some ways. It’s among the world’s most prolific technology investors, with a portfolio worth over $60 billion as of December. Its holdings include everything from stakes in Australia’s Afterpay to American online forum Reddit. Tencent’s shares fell as much as 10% following the news.
In video games, Pony Ma’s tech giant controls or holds sizable stakes in developers behind blockbusters including League of Legends and Fortnite. The latter’s creator, North Carolina-based Epic Games, is 40% owned by Tencent, counts KKR as an investor and just completed a fundraising round valuing it at $17 billion. Tencent’s domestic video and music-streaming businesses have tie-ups with numerous American companies, from the National Basketball Association to Warner Music Group.
Enforcement will likely focus first on WeChat due to concerns over its facilitation of censorship and spying. That would cut off advertising revenue from U.S. brands trying to reach mainland consumers, and politically it would bring home the cost of trade war to ordinary Chinese people perhaps more than anything else.
The move will also make foreign capitalists think twice about partnering with companies from the People’s Republic. Beijing has invested a lot of political and economic capital incubating global tech champions, but Washington is now leveraging its regulatory advantages over internet infrastructure and operating systems to contain those ambitions. The White House’s swipe at Tencent could sting for a long time.
Breakingviews petesweeneypro He just want you to forget about his softest spot, the virus!
Breakingviews petesweeneypro Isolationist America, call the rest of the world when you grow up
Breakingviews petesweeneypro It is long overdue. China shut off google, Facebook, tweeter etc. for many years.
Breakingviews petesweeneypro Who knows, America has more tech companies, what if China hit back to IOS and its app store.
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