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☆ Tencent posts fastest profit growth in 3 years as online ads, business services offset slower gaming
▼ + stars: | 2024-05-14 | by ( Arjun Kharpal | ) www.cnbc.com time to read: 1 min

Tencent has faced a number of headwinds in 2022 including a Covid-induced slowdown in the Chinese economy and a tougher market for gaming. Tencent beat analyst estimates for revenue and profit in the first quarter, thanks to slightly better sales in the Chinese tech giants core gaming business and improved profitability at its advertising and business services division. Here's how Tencent did in the March quarter versus LSEG consensus estimates:Revenue: 159.5 billion Chinese yuan ($22 billion) versus 158.4 billion yuan expected. Profit attributable to equity holders of the company: 41.9 billion yuan versus 36.64 billion yuan anticipated. Tencent's adjusted net profit was up 62% year-on-year, marking the fastest growth since the March quarter of 2021, according to LSEG data.

Persons: Tencent Organizations: Revenue

☆ Goldman Sachs likes these 2 mobile gaming stocks set for 'blockbuster' launches, gives one 40% upside
▼ + stars: | 2024-04-26 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

Investors seeking exposure to China's growing mobile gaming industry should look at technology giants Tencent and NetEase , according to Goldman Sachs. The investment bank expects "China to see faster growth from mid 2024 supported by game launches and a loosening regulatory environment." Tencent Tencent's game sales were up 14% year on year domestically in March and 36% internationally. NetEase NetEase posted a 16% year-on-year rise in domestic sales growth and 1% rise in international sales growth last month, Goldman's analysts noted. Domestic mobile game sales fell by 12% year-on-year Japan in the first quarter of the year.

Persons: Goldman Sachs, 2Q24, Lincoln Kong, FactSet, NetEase NetEase, Michael Bloom Organizations: Street, Hong, Nasdaq, Hong Kong Stock Exchange, China, Domestic Locations: China, Tencent, Hong Kong, Japan, South Korea

☆ Toyota and Nissan pair up with Tencent and Baidu for China AI arms race
▼ + stars: | 2024-04-25 | by ( ) www.cnbc.com time to read: +2 min

Japan's Toyota Motor will pair up with China's Tencent while Nissan will team up with Baidu , the companies said on Thursday, cross-border partnerships that highlight the importance of artificial intelligence for carmakers. Both Tencent, a gaming and social media giant and Baidu, China's leading search engine, have been leaders in the country's generative AI race. The companies will offer services through Tencent's strengths in big data, AI and cloud computing, Xu said. Nissan said it and Baidu had signed a memorandum of understanding to carry out research on AI and so-called "smart cars". Nissan will use Baidu's generative AI on its platform to study the feasibility of future tech development, it said.

Persons: China's, BYD, Toyota's Yiming Xu, Xu, Nissan Organizations: Beijing Auto, Toyota, Nissan, Baidu Locations: Beijing, China

☆ Hong Kong’s biggest stock is ready for a turnaround, analysts say
▼ + stars: | 2024-04-21 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

The firm is overweight on Tencent shares, with a price target of 400 Hong Kong dollars ($51). Also helping analysts' optimism on the stock are Tencent's share buybacks. HSBC has a buy rating on Tencent, with a target price of 385 Hong Kong dollars. Pan said that low liquidity in Hong Kong has also affected share prices in that market, but he hopes that can improve with a new CEO. The Hong Kong exchange's co-COO Bonnie Chan is set to become head of the business in late May.

Persons: Morgan Stanley, Gary Yu, Morgan Stanley's Yu, Tencent, Prosus, Charlene Liu, HSBC's, Grant Pan, Noah Holdings, Pan, Hong Kong exchange's, Bonnie Chan, — CNBC's Michael Bloom Organizations: Hong, Jefferies, Naspers, Internet, Gaming Research, HSBC Locations: Hong, Hong Kong, Asia, Japan, Netherlands, Tencent, 1Q24, Asia Pacific, HKD500m, China

☆ EA to lay off 5% of workforce, or about 670 employees
▼ + stars: | 2024-02-28 | by ( Alex Koller | ) www.cnbc.com time to read: +2 min

An Electronic Arts video game logo is seen at the Electronic Entertainment Expo. The company's announcement marks the latest headcount reduction among video game developers in recent months, continuing a broader trend of significant downsizing across the tech industry. On Tuesday, Sony said it would lay off about 900 employees in its PlayStation division, or 8% of its workforce. EA CEO Andrew Wilson wrote in a memo to employees on Wednesday that the video game company is "streamlining our company operations to deliver deeper, more connected experiences for fans everywhere." "We are continuing to optimize our global real estate footprint to best support our business," Wilson wrote in his Wednesday note.

Persons: Andrew Wilson, Wilson, —, Steve Kovach Organizations: Arts, Electronic Entertainment, Electronic Arts, EA, U.S . Securities, Exchange Commission, Sony, PlayStation, Microsoft, Activision Blizzard, Riot Games, SEC, Apex, EA Sports FC, Madden NFL, CNBC PRO

☆ TikTok cuts about 60 jobs as January layoffs continue across tech industry
▼ + stars: | 2024-01-23 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +2 min

TikTok Music has launched on Wednesday in Australia, Singapore and Mexico to a small group of users. TikTok has cut about 60 jobs, CNBC confirmed, the latest tech company to downsize at the start of 2024. Tech companies like Amazon , Alphabet , Unity , Discord and Trend Micro have all cut staff in January, continuing a trend from last year, when the industry slimmed down and slashed costs following an extended boom. In November, ByteDance slashed hundreds of jobs in the company's gaming division, Nuverse. The layoffs indicated that ByteDance was scaling back its gaming efforts, an area where it's been competing with Chinese rivals Tencent and NetEase.

Persons: Dylan Jadeja, TikTok, ByteDance, it's, Tencent, we've Organizations: CNBC, NPR, Tech, Riot, Apple Locations: Australia, Singapore, Mexico, Los Angeles , New York, Austin , Texas, U.S

☆ Tencent's Riot Games division cuts 11% of staff to 'create focus'
▼ + stars: | 2024-01-22 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Tencent's Riot Games unit said Monday it's eliminating 11% of its workforce, or about 530 jobs, and scaling back on its division that publishes games from small developers. Eric Shen will become Legends of Runeterra's executive producer, replacing Dave Guskin, accroding to a blog post from Guskin, who said he'll work on other Riot games. Tencent, based in China, invested in Riot Games in 2011 and became its outright owner four years later. In September, Tencent-backed Epic Games announced it was cutting 16% of its staff. Shares slid 12% in late December after China announced new rules designed to limit excessive gaming.

Persons: Ma, we've, Dylan Jadeja, that's, Nicolo Laurent, Eric Shen, Dave Guskin, Jadeja, Tencent's, Tencent Organizations: Tencent Holdings Ltd, Tencent's, Google, League of, Riot Games, Microsoft, Activision Blizzard, Sony, Epic Games, China Locations: Guangdong, Hong Kong, Macao, Bay, China, Guskin, Forge, Los Angeles, Tencent

In China, Tencent is already doing it. Now it’s betting on Weixin Palm Payment, a biometric system launched in May for users of Weixin Pay, WeChat’s sister app. Last year, JPMorgan cited the opportunity as it announced its own payment authentication software pilot program using palm scanning. “With face scanning technology, people can look a lot like each other — like twins,” he said. The Seattle-based e-commerce giant launched its own palm scanning payment service in 2020, letting users connect their palm prints to credit cards to buy items at the company’s cashier-free stores.

Persons: China that’s, — Tencent, Guo Rizen, “, ” Guo, Tencent’s, Guo, ”, Tencent, “ We’re, Edward Santow, …, ” Santow, Kate Xue, wasn’t Organizations: China CNN, CNN, Goode Intelligence, JPMorgan, Fujitsu, University of Technology Locations: China, Shenzhen, Beijing, Seattle, Chinese, Guangdong, Supermonkey, University of Technology Sydney

Signage for Alibaba Group Holding Ltd. covers the front facade of the New York Stock Exchange November 11, 2015. Cloud competition from HuaweiAlibaba has been an industry leader in the cloud business. Alibaba in November blamed U.S. restrictions on chip sales to China for the decision to pull the cloud IPO. Alibaba said its cloud business revenue grew by just 2% year on year in the quarter ended Sept. 30. Those resellers were other companies that had acted as distributors or agents for Alibaba cloud and received commissions.

Persons: Brendan McDermid, It's, Alibaba, hasn't, they're, Duncan Clark, Clark, ”, Jack Ma, Brian Wong, Eddie Wu, Trudy Dai, Daniel Zhang, Yi Zhang, —, Alibaba's, Canalys, BDA's Clark Organizations: Alibaba Group Holding, New York Stock, Reuters, BDA, Alibaba Group, Alibaba, Duncan Clark BDA, Huawei Alibaba, Huawei, Tencent, “ Global Locations: Reuters BEIJING, U.S, China, Beijing, Alibaba

☆ China’s version of Spotify is ‘underappreciated,’ Morgan Stanley says
▼ + stars: | 2023-12-03 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Tencent Music Entertainment is convincing more people in China to pay for music. Because of the size of China's market, it's more than Spotify 's claim of 574 million monthly active users —across 184 countries and territories. TME's "music value [is] still underappreciated," Morgan Stanley analysts led by Alex Poon wrote in a late November report. "We see room for [TME] music revenue to double and profit to triple in the next three years," the Morgan Stanley analysts wrote, noting "limited risks from macro and competition." Revenue from music subscriptions is estimated to rise 38% in 2023 versus 2022, Morgan Stanley estimates.

Persons: That's, Morgan Stanley, Alex Poon, ADRs, TME, Alex Yao, Gross, JPMorgan's Yao, Tencent, — CNBC's Michael Bloom Organizations: Tencent, Entertainment, Spotify, Kugou Music, JPMorgan Locations: China, U.S, Tencent, 3Q23

☆ I Spent Years Working for My Dream Job at JPMorgan, Only to Quit 2 Years Later
▼ + stars: | 2023-11-27 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +5 min

Xaviera Ho, 29, spent years working towards her dream job at JPMorgan. But two years after landing her dream job as an investment analyst, she quit. That was when I realized that I wanted to go to business school and pursue a career in finance. During my four years in business school, I did several finance-related internships, including stints with an investment bank and a hedge fund. The branding, exposure, and networking opportunities that you get from working at a top bank like JPMorgan can be a great booster to your career.

Persons: Xaviera Ho, —, Robert Kiyosaki's, Rich Dad Poor, JP Morgan Organizations: JPMorgan, Service, National University of Singapore Business School, JP, JPMorgan Tech Exchange, National University of Singapore Locations: Ho's, Shenzhen, China, Kuala Lumpur, secondments, Vietnam, Seattle

☆ Tencent shrugged off a new US AI chip ban, saying it's stockpiled enough Nvidia processors for 'a couple more generations'
▼ + stars: | 2023-11-16 | by ( Matthew Loh | ) www.businessinsider.com time to read: +3 min

Tencent president Martin Lau said on Wednesday the company is holding a vast stockpile of chips. Its inventory is enough to last its AI development a "couple more generations," Lau said. The US issued a new AI chip export ban to China in October, sparking fears that Tencent could be hit. But Lau also said Tencent will eventually have to pivot toward China-made AI chips. "Going forward, we have to figure out ways to make usage of our AI chips more efficient," Lau said.

Persons: Martin Lau, Lau, —, Tencent, Biden Organizations: US, Service, Nvidia, Baidu, Financial Times Locations: China

☆ Tencent says has Nvidia AI chip stockpile but seeking to buy domestic
▼ + stars: | 2023-11-15 | by ( Josh Ye | ) www.reuters.com time to read: +3 min

Tencent has enough Nvidia chips to continue development of its "Hunyuan" AI model "for at least a couple more generations", so the curbs will not affect near-term AI capability, Lau said. "We will have to figure out ways to make the usage of our AI chips more efficient," he said. "And we will also try to look for domestic sources for these training chips." "We feel that the chip ban does actually affect our ability to resell (use of) these AI chips through our cloud services," he said. Nvidia plans to market new China-bound AI chips, with an announcement on Nov. 16 at the earliest, industry newsletter SemiAnalysis reported last week.

Persons: Aly, Martin Lau, Lau, We'll, SemiAnalysis, Josh Ye, Jane Merriman, Christopher Cushing Organizations: Artificial Intelligence, REUTERS, Tencent Holdings, HK, Nvidia, Huawei Technologies, Reuters, Baidu, Huawei, Thomson Locations: Shanghai, China, HONG KONG, U.S

☆ Tencent logs robust revenue growth as games, advertising sales shine
▼ + stars: | 2023-11-15 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

A Tencent sign is seen at the World Internet Conference (WIC) in Wuzhen, Zhejiang province, China, October 20, 2019. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Nov 15 (Reuters) - China's Tencent Holdings (0700.HK) said third-quarter revenue climbed 10%, as its games business staged a robust recovery from a regulatory crackdown on the country's tech sector and online advertising sales surged. In August, the video games sector raked in combined revenue of 29.2 billion yuan, the highest level in at least 20 months, according to CNG, a government-backed industry data firm. Tencent's online advertising business reported a 20% jump in revenue thanks to strong demand for advertising in its video content. Net profit declined 9% to 36.1 billion yuan from a year ago when the company had a strong quarter after divesting stakes in portfolio companies such as Sea.

Persons: Aly, Tencent, Josh Ye, Miyoung Kim, Edwina Gibbs Organizations: World Internet Conference, REUTERS, Tencent Holdings, HK, Riot Games, Thomson Locations: Wuzhen, Zhejiang province, China, HONG KONG

☆ Tencent to seek domestic AI training chip supplies after latest US curbs
▼ + stars: | 2023-11-15 | by ( Josh Ye | ) www.reuters.com time to read: +3 min

"We will have to figure out ways to make the usage of our AI chips more efficient," he said, "And we will also try to look for domestic source for these training chips." Lau's comments come as Chinese companies with AI ambitions are scrambling to cope with the United States' ever-expanding AI chip export restrictions to China. But now a growing number of Chinese tech firms are turning to homegrown chipmakers like Huawei Technologies [RIC:RIC:HWT.UL] for AI chip supply. As such, the new chip curbs will not affect the development of Tencent's AI capability in the near term. The Nvidia H800 chips were AI chips Nvidia developed specifically for China late last year in response to an earlier US curb on AI chips to China.

Persons: Aly, Martin Lau, Baidu, Lau, Tencent, We'll, Josh Ye, Toby Chopra, Jane Merriman Organizations: Artificial Intelligence, REUTERS, Tencent Holdings, HK, Nvidia, Huawei Technologies, Reuters, Thomson Locations: Shanghai, China, HONG KONG, United States

☆ With China playing catchup with the U.S., these 3 charts show the top countries for fintech in 2023
▼ + stars: | 2023-10-26 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

UK has second-biggest number of top fintech firmsThe U.S. was home to 65 of the top fintech companies, according to CNBC's list of world's top 200 fintech companies. In the U.S., some of the top global fintech companies on Statista's list include names like Stripe, PayPal and Intuit . Stateside, meanwhile, the largest fintech unicorns are Stripe ($95 billion), Chime ($25 billion), Ripple ($15 billion), Plaid ($13.5 billion), Devoted Health ($12.6 billion, and Brex ($12.3 billion). Other leading ecosystems for fintech unicorns include India, on 17 unicorns, and China, on eight. Standing in 8th place is Mexico, with five fintech unicorns, Singapore, also with five, and the Netherlands, which has four in total.

Persons: Ed Jones, Starling, Tencent, Statista, Andreessen Horowitz, Wise, Vlad Tenev, Group's, —, Nick Parmenter Organizations: AFP, Getty, CNBC, Statista, Ant Group, Plaid, Visa, Mastercard, European Union, Apple, Google, Sequoia Capital, PayPal, Intuit, Financial, Authority, Consumers Locations: U.S, Beijing, China, Silicon, Europe, Ukraine, Covid, India, France, Brazil, Germany, Mexico, Singapore, Netherlands, Statista

☆ Tencent investors Naspers and Prosus announce abrupt departure of CEO Bob van Dijk
▼ + stars: | 2023-09-18 | by ( Arabile Gumede | ) www.cnbc.com time to read: +2 min

Bob van Dijk Bloomberg | Bloomberg | Getty ImagesThe immediate and mutually agreed departure of Naspers and Prosus CEO Bob van Dijk underscores a complicated few years for a firm seen riding on the coattails of its holdings in Chinese tech giant, Tencent . The South African Reserve Bank gave Naspers the greenlight to begin buying back more of its shares from Prosus. 'Getting rid' of the cross holdingPrior to the current structure, Naspers (headquartered in South Africa) owned a third of Chinese internet giant Tencent Holdings. Van Dijk oversaw the decision to split off its holding of Tencent and other tech holdings into Prosus in 2019. But that crossholding offered little value to investors with van Dijk telling Reuters at the time: "They [shareholders] said we don't like this cross holding, it creates complexity.

Persons: Bob van Dijk, Naspers, Koos, Van Dijk, Prosus, crossholding, van Dijk, We've, we're, Erwin Tu, Tu, Goldman Sachs Organizations: Bob van Dijk Bloomberg, Bloomberg, Getty, South, Naspers, South African Reserve Bank, Tencent Holdings, Johannesburg Stock Exchange, Euronext, Reuters, Citi, SoftBank Group Locations: Dutch, Prosus, South Africa, Johannesburg, Naspers

☆ Alibaba and more: CLSA names 3 of the ‘cheapest AI plays’ worldwide — giving two over 50% upside
▼ + stars: | 2023-09-13 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

"The U.S. could account for some 55% (of the growth), but China is likely to be the world's second largest AI market with over 6% share. Computing power serves as the foundation for AI development and ByteDance, Tencent, Alibaba and Baidu, as a group are the world's second largest buyers of AI chips (12%)," they added. A key driver will be AI cloud services, they said . Stock picks CLSA named Baidu , Alibaba and Tencent as the "cheapest AI plays" that will "lead China's AI innovation." "Alibaba, Baidu and Tencent are trading at only 8.8x, 13.1x and 15.6x 24 [months] adj[usted] P/E (price-to-earnings) which only reflect the value of their traditional businesses.

Persons: CLSA, Stock, — CNBC's Michael Bloom Organizations: Baidu, International Data Corporation, Inspur, Tsinghua University, Hong Locations: U.S, China, Hong Kong

☆ China's Tencent debuts large language AI model, says open for enterprise use
▼ + stars: | 2023-09-07 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

REUTERS/David Kirton/File Photo Acquire Licensing RightsBEIJING, Sept 7 (Reuters) - Tencent Holdings (0700.HK) said on Thursday companies could now use its large language artificial intelligence (AI) model "Hunyuan" as it premiered the much-awaited product amid a race by tech firms race to become China's AI champion. Hunyuan's debut comes after several Chinese tech firms including Baidu Inc (9888.HK) and SenseTime Group (0200.HK) recently unveiled their own AI models. Tencent, China's most valuable internet company, said Hunyuan had more than 100 billion parameters and was trained with more than 2 trillion tokens, two metrics often used to measure AI models' power. OpenAI's GPT-3 AI model contained 175 billion parameters in 2020 and Meta Platform Inc (META.O)'s Llama 2 model had 70 billion parameters in 2023. AI experts often describe moments where AI models generate incorrect information but present it as if it was a fact as "hallucination".

Persons: David Kirton, Hunyuan, Jiang Jie, OpenAI's, Tencent, ChatGPT, Josh Ye, Christopher Cushing, Miral Organizations: REUTERS, Rights, Tencent Holdings, HK, Baidu Inc, SenseTime, Meta, Beijing, Thomson Locations: Nanshan district, Shenzhen, Guangdong province, China, Rights BEIJING, Hong Kong

☆ China's Tencent to unveil AI chatbot after Beijing clears hurdles
▼ + stars: | 2023-09-06 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

A man walks outside the Tencent headquarters in Nanshan district of Shenzhen, Guangdong province, China September 2, 2022. REUTERS/David Kirton/File Photo Acquire Licensing RightsHONG KONG, Sept 6 (Reuters) - China's internet giant Tencent Holdings (0700.HK) said that it will unveil an artificial intelligence (AI) chatbot on Thursday, according to a social media post it published on Wednesday. The post featured a demo conversation a user had with the AI chatbot, which helped the user write promotional materials. Tencent has been developing its own AI model named "Hunyuan" for months and the company said last month that it was expanding the test of the model internally. Reuters reported in February that the company formed a team to develop a ChatGPT-like chatbot named "HunyuanAide" at the time.

Persons: David Kirton, chatbot, Tencent, Josh Ye, Jacqueline Wong Organizations: REUTERS, Tencent Holdings, HK, Baidu Inc, SenseTime, Reuters, Thomson Locations: Nanshan district, Shenzhen, Guangdong province, China, HONG KONG

☆ HSBC names 6 'good value' Chinese tech stocks to buy — and gives one over 50% upside
▼ + stars: | 2023-09-06 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

HSBC named six Chinese internet stocks it says to buy — predicting that each have upside of at least 27%. HSBC's picks are "opportunities with good value," the analysts led by Charlene Liu said in a research note dated Sept. 1. "PDD has the most promising but undervalued top-line growth … as a market share gainer domestically and internationally," the analysts said. Tencent , with a 35% upside according to HSBC, "delivered a strong beat in ad revenue," the analysts said. Short video app Kuaishou , a preferred stock for HSBC for its gains in advertising market share and mix of revenue streams, has a 39% upside, according to the bank.

Persons: Charlene Liu, PDD, Pinduoduo, — CNBC's Michael Bloom Organizations: HSBC, Meituan, JD.com

☆ Tencent, others begin enforcing China's new oversight move on apps
▼ + stars: | 2023-09-04 | by ( Josh Ye | ) www.reuters.com time to read: +3 min

The moves comply with new rules introduced last month as Beijing tightens oversight of mobile apps in the country. "The Android app stores have confirmed that new apps require the app filings from Friday onwards, and existing apps must have it from March 31 onwards," Rich Bishop, CEO of app publishing firm AppInChina said. "It forces all global apps on these app stores to either establish a local entity or work with a local partner." As of Monday, it is not yet checking apps' filing status, AppInChina said, citing its own checks. The notice also said app stores will have to clearly mark each app's filing status on their platforms.

Persons: Aly, Rich Bishop, AppInChina, Vivo, Tencent's, MIIT, Josh Ye, Brenda Goh Organizations: World Internet Conference, REUTERS, Tencent Holdings, HK, Reuters, Tencent, Huawei Technologies, Apple, Ministry of Industry, Information Technology, Huawei, Xiaomi, Thomson Locations: Wuzhen, Zhejiang province, China, HONG KONG, Beijing

☆ China's government-approved AI chatbots were released to the public this week. Baidu's chatbot Ernie reportedly says a Chinese military takeover of Taiwan is possible.
▼ + stars: | 2023-09-02 | by ( Aaron Mok | Alistair Barr | ) www.businessinsider.com time to read: +4 min

The Chinese government recently approved several generative AI chatbots for public use. Baidu's new Ernie AI chatbot weighed in on the future of Taiwan. Zhipu, from shopping-platform Meituan, gave the best results, he said, though "all the Chinese bots have catching up to do." On Taiwan: When the reporter asked these AI bots whether Taiwan is a country, Ernie declared that a Chinese military takeover of Taiwan is possible, according to the report. When the reporter asked these AI bots whether Taiwan is a country, Ernie declared that a Chinese military takeover of Taiwan is possible, according to the report.

Persons: Ernie AI chatbot, Baidu's, Ernie, Baidu, SenseTime's SenseChat, Bytedance's, Zheping Huang, Tencent's, SenseTime, Xi Jinping Organizations: Bloomberg News, Morning, Baidu, Reuters, Bloomberg Locations: Taiwan, China

☆ Elon Musk's X to roll out audio, video calling feature
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

A screen capture of Twitter's official page with an "X" on the profile image is seen on July 23, 2023 in this screengrab obtained from a social media website. via REUTERS/File Photo/File Photo/File Photo Acquire Licensing RightsAug 31 (Reuters) - Social media platform X, formerly Twitter, plans to launch video and audio calls as owner Elon Musk races to build an "everything app" to stay ahead of competition from Meta Platforms-owned (META.O) Threads. After rebranding Twitter as X, Musk signaled he would turn the platform into a super app offering a range of services from messaging and social networking to peer-to-peer payments. The vision brings to mind Tencent's (0700.HK) WeChat app - a ubiquitous part of daily life in China. Reporting by Jaspreet Singh in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Elon, Musk, Tencent's, Jaspreet Singh, Devika Organizations: REUTERS, Meta, Twitter, HK, Thomson Locations: China, Bengaluru

☆ China's big internet names have mostly beat. Here's where analysts think the stocks are headed
▼ + stars: | 2023-08-27 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

All three stocks have double-digit gains ahead of them, if the average FactSet analyst price target holds true. Still, the average price target rose by 2.4% to $118.90 a share, according to FactSet. KraneShares CSI China Internet ETF (KWEB) gained nearly 19% last month. "We expect the stock will remain volatile in the near term along with China internet peers on macro uncertainty," the report said. Loop has a $210 price target on Baidu, more than 50% above where shares closed on Friday.

Persons: Tencent, –, Louis, Vincent, Jiong Shao, Nomura, Jialong Shi, Morgan Stanley, Alex Poon, NetEase, Rob Sanderson, — CNBC's Michael Bloom Organizations: Baidu, UBS, Hong, Barclays, China Internet, CSI China Internet Locations: U.S, Europe, China, Hong Kong, Barclays China, Tencent

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