TCEHY - Tencent shares rise despite China's pressure hitting sales growth

Chinese Internet kingpin Tencent Holdings (OTCPK:TCEHY) was up by 2.5%, Wednesday, as investors at least initially shrugged off the company saying its sales growth slowed due to the impact of ongoing regulatory pressure from Beijing. Tencent (OTCPK:TCEHY) said that its revenue for the quarter that ended in September rose 13% from a year, to $22.3 billion. However, that was the slowest growth level since Tencent (OTCPK:TCEHY) went public 17 years ago. Chief Executive Ma Huateng said the company's advertising and gaming businesses, in particular, felt the brunt of Chinese governmental efforts to exert more control over the nation's Internet sector. Huatang said Tencent (OTCPK:TCEHY) has "adapted to new regulatory and macroeconomic developments," and that is is " proactively embracing the new regulatory environment which we believe should contribute to a more sustainable development path for the industry." The company also said advertising could see softer pricing levels for several more quarters

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Tencent shares rise despite China's pressure hitting sales growth