Why Tencent Stock Was Climbing Today
Shares of Tencent (OTC: TCEHY), the Chinese tech giant and parent of WeChat, were moving higher today on news that Beijing had taken a step to support the gaming industry, potentially signaling looser regulations following the crackdown on the tech industry that began three years ago.
Chinese gaming stocks fell earlier on a proposal to restrict spending on video games. But Beijing seemed to reverse its position today after it removed the official in charge of regulating China's video game sector, Feng Shixin.
As a result, Tencent stock was up 3.1% as of 12 p.m. ET.
Source Fool.com
Tencent Holdings Ltd. Stock
€40.99
-1.150%
Our community is currently high on Tencent Holdings Ltd. with 3 Buy predictions and 0 Sell predictions.
With a target price of 47 € there is a slightly positive potential of 14.68% for Tencent Holdings Ltd. compared to the current price of 40.99 €.
