瓦尔双重打击 双重打击令投资者担心腾讯业绩

双重打击令投资者担心腾讯业绩  

Investors in Tencent Holdings
China’s inter gaming and social media group
have reason to feel anxious leading into Wednesday’s scheduled fourth-quarter earnings announcement.
After watching its stock price shoot upwards for the better part of a year
in the process making its chairman
Pony Ma
the richest man in China in January
Tencent last week got hit by in blows. Its shares on Friday lost 3 per cent after the central bank suspended Tencent’s virtual credit card (along with that of rival Alibaba)
along with QR code scanning apps for mobile payments.
Secondly
on Thursday night more than three dozen public accounts – essentially blogs – hosted by WeChat
Tencent’s hottest offering
were hit by the first wave of large-scale censorship – 35-40 such blogs were summarily deleted.
其次，上周四晚的第一波大规模审查中，腾讯最受欢迎的服务——微信(WeChat)上的数十个公共账号（基本上就是博客）遭到封杀，35至40个这样的公共账号被一举删除。
The fear is that WeChat
which was thought to be less exposed to censorship than rival Weibo
could attract the same scrutiny which has driven away Weibo users amid a campaign against “rumour mongering”.
The key areas for scrutiny in the announcement are:
Financial regulation: The central bank has yet to fully explain its reasoning on the credit card fiasco last week. And Tencent and Alibaba have yet to clear the air themselves. So how did this happen
one day after the announcement? Did someone fet to tell the central bank that they were issuing the virtual credit cards? Did the central bank change its mind? Or does the regulatory process for issuing a credit card in China not include the central bank? Citic bank
which was the actual issuer
has said it followed procedures. Analysts say darkly that the problem may be with Unionpay
the government bank card monopoly. Investors are hoping for some clarity from Tencent on what went wrong.
WeChat: Tencent’s instant messaging service is the hottest thing in Chinese inter
with 271m users. Because it is primarily used on phones
it is the main reason Tencent is regarded as being in the strongest position for the arrival of the mobile inter in China. It is also thought to be less exposed to scrutiny by the authorities because the maximum size of a chat group is capped. But the deleting of political blogs last week may mean it too is not immune from the heavy hand of Chinese censors. Rival Weibo has lost users following a half-year-long campaign against “rumour mongering” on the inter. As a result
Weibo says it is growing at its slowest rate in its five-year history
and some reckon its user base may be falling. If the same were to happen to WeChat
it could hurt Tencent’s plans for the mobile inter.
Gaming business: Most of Tencent’s cash es from gaming. Expect an update on revenues from Leagues of Legend and solid growth of WeChat games including Dungeon Fighter and Crossfire
and Blade and Soul.
Earnings: These are the least of Tencent’s worries – driven by cash from games
Tencent is the most cash-rich of the three inter conglomerates in China. The Bloomberg consensus is total revenues of Rmb16.62bn and profit of Rmb4.17bn.