Tencent CEO Pony Ma tells staff that ‘responsibility’ was the main lesson learned from a tough year – SCMP
What happened: Executives at Chinese tech giant Tencent have told employees that responsibility, respect, and kindness are the main takeaways from 2018. The comments were made at a staff meeting on Wednesday. Tencent CEO Ma Huateng said that the company needs to improve the daily lives of ordinary citizens in order to become the country’s most respected internet company.
Why it’s important: Tencent, China’s biggest social media and gaming company, has had a tough year. The Chinese government has led crackdowns on “cultural content,” including videos and games. Approvals of new game titles were halted in March, which was followed by the company losing more $200 billion in market value. The company has subsequently attempted to appease regulators by imposing features aimed at limiting underage users’ gaming time. Amid the slowdown, Tencent announced a restructuring plan aimed at expanding its consumer focus to include enterprises, in part driven through significant investment in cloud computing.