Tencent

Shares in Naspers and its spinoff Prosus tumbled on Monday after a report (paywall) in the Wall Street Journal said Tencent Holdings faces a record fine in ...

Regulators have imposed strict curbs on gaming time for minors, while halting the approval of new games in past months. In January, the central bank announced it will begin a nationwide campaign to clamp down on money laundering in the years to 2024. As of 2021, WeChat Pay handled an estimated 40% of China’s mobile payments, second only to Alipay. Central bank officials, however, discovered irregularities on WeChat Pay, which competes with Ant Group’s Alipay, after concluding a routine inspection of the payments platform in late 2021, the Journal reported. WeChat Pay is at the heart of the social media giant’s businesses, helping fuel transactions within games, mini-programs like food delivery service Meituan and ride-hailing app Didi, as well as merchant payments for more than a billion consumers across the country. Tencent’s shares closed Monday at their lowest level in almost two years.

Tencent shares fell nearly 10% to close at 331.80 Hong Kong dollars ($42.38), their lowest closing level since Dec. 5, 2019.

China has sought to introduce regulation in areas ranging from anti-trust to data protection. The WSJ, citing people familiar with the matter, said that WeChat Pay, the mobile payments service run by Tencent, allowed the transfer of funds for illicit purposes like gambling. The Hong Kong-listed shares of other Chinese tech names also took a battering on Monday as already-fragile sentiment towards the country's internet sector continues to get tested. Tencent shares dived in Hong Kong on Monday after the Wall Street Journal reported the Chinese tech giant could face a record fine for violating anti-money laundering rules. - Tencent shares dived in Hong Kong on Monday after the Wall Street Journal reported the Chinese tech giant could face a record fine for violating anti-money laundering rules. - Hong Kong-listed shares of other Chinese tech names also took a battering on Monday as already-fragile sentiment towards the country's internet sector continues to get tested.

Chinese technology giant Tencent is facing a potential record fine for violations of some central bank regulations by its WeChat Pay mobile network, ...

For WeChat Pay, “know your customer” and “know your business” procedures mean it must verify the identities of users and merchants transacting on its platform and the source of funds for those transactions. You may cancel your subscription at anytime by calling Customer Service. Financial regulators recently discovered that WeChat Pay had flouted China’s anti-money-laundering rules and had lapses in compliance with “know your customer” and “know your business” regulations, among other things, some of the people said.