Tencent is no longer China’s most valuable company after its shares dropped 64% since Jan. 2021, wiping $623B in market value, more than any other firm globally (Jeanny Yu/Bloomberg)

Ben Jiang / South China Morning Post:
Sensor Tower: Tencent earned $4.4B revenue from its apps in H1 2022, the highest globally; ByteDance was second with $1.3B, demonstrating China’s market power  —  Tencent Holdings and ByteDance were the world’s top-ranked companies by app revenue in the first half of 2022, according to a new report …

Bloomberg:
Anxious about regulators, Naspers, SoftBank, Berkshire, and other early investors in Chinese tech giants are selling; $7.6B in Tencent shares could be sold  —  For early backers, they’ve been some of the most profitable Chinese stock investments of all time: Tencent Holdings Ltd., Alibaba Group Holding Ltd. and BYD Co.

Benoit Berthelot / Bloomberg:
Tencent plans to invest €200M in Ubisoft to increase its stake from 4.5% to 9.99%, alongside a further investment €100M in the company  —  Tencent Holdings Ltd is set to more than double its stake in Ubisoft Entertainment SA, snapping months of speculation on the future …

Jeanny Yu / Bloomberg:
Pinduoduo’s net income has more than tripled in Q2 2022 and its shares have soared 43% over the past month, as it emerges as a big winner amid China’s lockdowns  —  As Chinese consumers curb their spending in a pandemic-stricken economy, one discount e-commerce firm is emerging as a clear stock-market winner.

Callan Quinn / The Block:
Binance shares addresses for its wallets and details its holdings: 475K BTC, 4.8M ETH, 17.6B USDT, 21.7B BUSD, 601M USDC, 58M BNB, and a $1B SAFU fund  —  – Binance has released the addresses of its hot and cold wallets.  — It provided a snapshot of its current holdings.

Cissy Zhou / Nikkei Asia:
Chinese regulators approve paid games from Tencent and NetEase for the first time since July 2021, as part of granting 73 games licenses  —  Beijing gives nod to licenses as it gradually loosens crackdown on tech sector  —  HONG KONG — Tencent Holdings and NetEase, two of China’s biggest …