New Delhi (CNN Business) Tencent reported a 29% rise in second-quarter profit, even as Beijing expands its scrutiny of the private sector. The Chinese gaming and social media giant said Wednesday that revenue jumped 20% to 138.3 billion yuan ($21.3 billion) for the three months ended June, compared to the same period last year, while profit rose to 42.6 billion yuan ($6.6 billion). Tencent TCEHY reported results as the company and other Chinese tech firms are being rattled by Beijing's historic crackdown on the sector. Tencent alone has lost more than $400 billion in market value after regulators bombarded the sector with penalties, new rules and orders to overhaul parts of their businessMartin Lau, Tencent's president, said Wednesday that "new regulations should be coming" in the near future.

Source: CNN August 18, 2021 11:15 UTC