On 18 May, Tencent reported its first quarter 2022 results, achieving revenue of 135.471 billion yuan, and net profit of 25.545 billion yuan, down 23% year-on-year.
China’s government started a sweeping crackdown on its most powerful tech companies a year ago and is planning to ease off the regulatory clampdown this month.
The development of NFTs in China is focused on copyright protection and asset right confirmation, with the goal of exploring the possibility of de-financialization.
The drop pushed the prices to a record low since the 2008 financial crisis. However, the stocks began a strong rebound from Wednesday (16 March) onwards. What has happened during this roller-coaster ride, and more importantly, where would all these
In the past 15 months, China Concepts Stock’s market value has plummeted by nearly 10 trillion yuan ($1.37 trillion), which is equal to 10% of China’s GDP (the world’s second-largest economy). All Chinese stocks have nearly halved in value. Share
The large-scale layoffs happening at those leading companies indicates that the era of disorderly expansion, where the scale was traded for growth, is over. Internet giants need to focus on their core businesses to create long-term value in the future.
Since last year, celebrities, KOLs, and enterprises in China have all launched their own NFT products, and digital collectables have become one of the hottest NFT application scenarios.