Report says Tencent cutting game marketing budgetBusiness | 8 Nov 2018 4:24 pm
Tencent Holdings (0700) is cutting the marketing budget of its gaming division as the business suffers through regulatory disruptions and a slowdown in the Chinese economy, Bloomberg reported, citing an internal letter sent to executives a few days ago.
According to the report, China’s largest gaming company is asking marketing executives to control their cash flow and curtail spending to "endure the hard times together." Games that don’t yet have government licenses, for example, will have to return their unspent money to the group.
At market close, the blue-chip stock, which opened above HK$300, added 0.07 percent, or 20 HK cents, to HK$293.6.