bodyType

customContents

entityId

printArticlePageQuery

filter

article

body

urlAlias

articleSectionsContent

articleSeoArticle

articleSourceHeaderArticle

contentSchemaRenderContent

contentSubHeadlineContent

contentHeadlineContent

mainImagePrintArticleArticle

authorBlockPrintArticleArticle

contentSponsorTagContent

articlePianoPaywallContent

scmpYoutubeContent

hooksTrackPageViewArticle

query printArticlePageQuery(
  $entityId: String!
  $customContents: [CustomContentInput]
  $bodyType: BodyFormatTypeEnum
) {
  article(filter: {entityId: $entityId}) {
    entityId
    body(customContents: $customContents, type: $bodyType) {
      json
    }
    urlAlias
    ...articleSectionsContent
    ...articleSeoArticle_3o8td4
    ...articleSourceHeaderArticle
    ...contentSchemaRenderContent
    ...contentSubHeadlineContent
    ...contentHeadlineContent
    ...mainImagePrintArticleArticle
    ...authorBlockPrintArticleArticle
    ...contentSponsorTagContent
    ...articlePianoPaywallContent
    ...scmpYoutubeContent
    ...hooksTrackPageViewArticle
    id
  }
}

fragment articlePianoPaywallContent on Content {
  __isContent: __typename
  ...hooksPaywallPromiseContent
}

fragment articleSectionsContent on Content {
  __isContent: __typename
  sections {
    value {
      ...helpersCheckIfNewsSectionInFirstIndexSection
      ...entityLink
      name
      id
    }
  }
}

fragment articleSeoArticle_3o8td4 on Article {
  ...hooksArticleSeoArticle
  ...helpersCheckIsPostiesArticle
  ...helpersGetArticleTypeArticle
  entityId
  publishedDate
  updatedDate
  summary {
    text
  }
  subHeadline {
    text
  }
  body(customContents: $customContents, type: $bodyType) {
    text
  }
  keywords
  sections {
    value {
      name
      id
    }
  }
  topics {
    name
    entityId
    id
  }
  urlAlias
  authors {
    name
    id
  }
  images {
    style(filter: {style: "768x768"}) {
      url
    }
  }
  readingTime
}

fragment articleSourceHeaderArticle on Article {
  urlAlias
  ...entityLink
}

fragment authorBlockPrintArticleArticle on Article {
  ...defaultArticleDateContent
  ...authorNamesArticle
}

fragment authorNameAuthor on Author {
  ...entityLink
  name
  entityUuid
}

fragment authorNamesArticle on Article {
  authorLocations
  authors {
    entityId
    location
    ...authorNameAuthor
    id
  }
}

fragment blockquoteQuoteContent on Content {
  __isContent: __typename
  ...contentShareWidgetContent
}

fragment checkersCheckContentContainsStarlingImageContent on Content {
  __isContent: __typename
  topics {
    entityId
    id
  }
}

fragment contentHeadlineContent on Content {
  __isContent: __typename
  headline
  socialHeadline
  ...contentHeadlineTagContent
  ...helpersUseContentSponsorContent
}

fragment contentHeadlineTagContent on Content {
  __isContent: __typename
  ...hooksContentHeadlineTagContent
}

fragment contentNewsletterWidgetContent on Content {
  __isContent: __typename
  topics {
    relatedNewsletters {
      ...helpersMassageToNewsletterItemNewsletter
      id
    }
    id
  }
  sections {
    value {
      relatedNewsletters {
        ...helpersMassageToNewsletterItemNewsletter
        id
      }
      id
    }
  }
  ... on Article {
    relatedNewsletters {
      ...helpersMassageToNewsletterItemNewsletter
      id
    }
  }
}

fragment contentSchemaRenderContent on Content {
  __isContent: __typename
  ...blockquoteQuoteContent
  ...imageContent
  ...inlineWidgetContent
  ...photoGalleryWidgetContent
  ...scmpYoutubeContent
}

fragment contentShareWidgetContent on Content {
  __isContent: __typename
  entityId
  urlAlias
  shortUrl
  socialHeadline
  headline
}

fragment contentSponsorTagContent on Content {
  __isContent: __typename
  ...helpersUseContentSponsorContent
}

fragment contentSubHeadlineContent on Content {
  __isContent: __typename
  subHeadline {
    json
  }
  summary {
    json
  }
  ...contentSchemaRenderContent
}

fragment defaultArticleDateContent on Content {
  __isContent: __typename
  ...hooksArticleDateUtilsContent
}

fragment entityLink on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  __typename
  entityId
  entityUuid
  urlAlias
  urlRedirect {
    toUrl
    id
  }
  application {
    entityId
    id
  }
  ... on Section {
    fullSectionPath {
      entityId
      id
    }
    parentSection
  }
  ...helpersAppBarVariantBase
  ...helpersApplicationBase
  ...helpersCheckIsPlusArticle
  ...helpersStyleSectionContent
}

fragment helpersAppBarVariantBase on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  ...helpersCheckIsLiveArticle
  ...helpersCheckIsPlusPage
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostiesPage
  ...helpersCheckIsPostMagazineArticle
  ...helpersCheckIsStyleArticle
  ...helpersSectionContent
  ...helpersStyleSectionContent
}

fragment helpersApplicationBase on BaseWithApplicationAndUrlAlias {
  __isBaseWithApplicationAndUrlAlias: __typename
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostiesPage
  ...helpersCheckIsPlusPage
}

fragment helpersCheckIfNewsSectionInFirstIndexSection on Section {
  name
}

fragment helpersCheckIsAmpEnabledArticle on Article {
  entityId
  types {
    value {
      entityId
      id
    }
  }
  sections {
    value {
      entityId
      id
    }
  }
  disableOffPlatformContent
  sponsorType
  published
  ...helpersCheckIsPlusArticle
  ...helpersCheckIsPostiesArticle
}

fragment helpersCheckIsLiveArticle on Article {
  flattenTypeIds
  liveArticle {
    status
    id
  }
}

fragment helpersCheckIsMainTopicContent on Content {
  __isContent: __typename
  topics {
    entityId
    id
  }
}

fragment helpersCheckIsPlusArticle on Content {
  __isContent: __typename
  ... on Article {
    paywallTypes {
      entityUuid
      id
    }
  }
}

fragment helpersCheckIsPlusPage on Page {
  urlAlias
}

fragment helpersCheckIsPostMagazineArticle on Article {
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckIsPostiesArticle on Article {
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersCheckIsPostiesPage on Page {
  urlAlias
}

fragment helpersCheckIsStyleArticle on Content {
  __isContent: __typename
  sections {
    value {
      entityId
      id
    }
  }
}

fragment helpersGetArticleTypeArticle on Content {
  __isContent: __typename
  ... on Article {
    types {
      value {
        entityId
        id
      }
    }
  }
}

fragment helpersMassageToNewsletterItemNewsletter on Newsletter {
  entityId
  name
  alternativeName
  description {
    text
  }
  summary {
    text
  }
  homepageDescription {
    text
  }
}

fragment helpersSanitizeArticleTypeEntityIdsArticle on Article {
  types {
    value {
      entityId
      id
    }
  }
}

fragment helpersSanitizeAuthorTypesArticle on Article {
  authors {
    types
    id
  }
}

fragment helpersSanitizedAuthorEntityIdsArticle on Article {
  authors {
    entityId
    id
  }
}

fragment helpersSectionContent on Section {
  fullSectionPath {
    entityId
    id
  }
}

fragment helpersStyleSectionContent on Section {
  fullSectionPath {
    entityId
    id
  }
}

fragment helpersUseContentSponsorContent on Content {
  __isContent: __typename
  topics {
    entityId
    sponsor {
      ...sponsorTagSponsor
      name
      type
      id
    }
    id
  }
  ... on Article {
    sponsorType
  }
  ...helpersCheckIsMainTopicContent
}

fragment hooksArticleDateUtilsContent on Content {
  __isContent: __typename
  createdDate
  publishedDate
  updatedDate
}

fragment hooksArticleSeoArticle on Article {
  ...helpersCheckIsPostiesArticle
  ...helpersCheckIsPostMagazineArticle
  ...helpersCheckIsStyleArticle
  ...hooksContentHeadlineTagContent
  ...helpersCheckIsAmpEnabledArticle
  entityId
  headline
  socialHeadline
  types {
    value {
      entityId
      id
    }
  }
  authors {
    entityId
    id
  }
  images {
    generic_og: style(filter: {style: "og_image_scmp_generic"}) {
      url
    }
    styles(filter: {styles: ["og_image_posties_article", "og_postmag", "og_image_style", "og_image_scmp_analysis", "og_image_scmp_explainer", "og_image_scmp_editorial", "og_image_scmp_fact_check", "og_image_scmp_debate", "og_image_scmp_live", "og_image_scmp_obituary", "og_image_scmp_opinion", "og_image_scmp_review", "og_image_scmp_series", "og_image_scmp_generic"]}) {
      url
      style
    }
    type
  }
  urlAlias
}

fragment hooksContentHeadlineTagContent on Content {
  __isContent: __typename
  __typename
  ... on Article {
    types {
      value {
        name
        entityId
        description {
          text
        }
        id
      }
    }
    ...helpersCheckIsStyleArticle
  }
  flag
  sections {
    value {
      name
      id
    }
  }
  ...hooksContentHelperContent
}

fragment hooksContentHelperContent on Content {
  __isContent: __typename
  ...helpersSanitizeArticleTypeEntityIdsArticle
  ...helpersSanitizeAuthorTypesArticle
  ...helpersSanitizedAuthorEntityIdsArticle
  flag
}

fragment hooksPaywallPromiseContent on Content {
  __isContent: __typename
  entityId
  ...helpersCheckIsPostiesArticle
}

fragment hooksTrackPageViewArticle on Article {
  entityId
  publishedDate
  headline
  sections {
    value {
      name
      id
    }
  }
  urlAlias
  authors {
    name
    id
  }
  entityUuid
}

fragment imageContent on Content {
  __isContent: __typename
  headline
  ...checkersCheckContentContainsStarlingImageContent
}

fragment inlineWidgetContent on Content {
  __isContent: __typename
  ...contentNewsletterWidgetContent
}

fragment mainImagePrintArticleArticle on Article {
  images {
    title
    url
    isSlideshow
    size_652x446: style(filter: {style: "652x446"}) {
      url
    }
  }
}

fragment photoGalleryDialogContent on Content {
  __isContent: __typename
  __typename
  ...contentShareWidgetContent
}

fragment photoGalleryWidgetContent on Content {
  __isContent: __typename
  ...photoGalleryDialogContent
}

fragment scmpYoutubeContent on Content {
  __isContent: __typename
  entityId
  urlAlias
  publishedDate
}

fragment sponsorTagSponsor on Sponsor {
  name
  type
  images {
    url
  }
}


sections

types

disableOffPlatformContent

sponsorType

published

headline

socialHeadline

authors

images

publishedDate

updatedDate

summary

subHeadline

keywords

topics

readingTime

authorLocations

entityUuid

Iris Deng

Depending on whom you talk to, 2018 was either a bumper year for Tencent Holdings or a year to forget.
The first Asian company to breach US$500 billion in market cap, the internet giant’s shares rose to an all-time high in January 2018, powered by its money-minting video games business and ubiquitous WeChat super app. Then came a much-chronicled government crackdown on content and gaming, which abruptly ended the party and wiped out almost half the company’s value by October.
Tencent’s roller-coaster year also took place as China’s technology giants came of age. Baidu, Alibaba Group Holding and Tencent – the trio of internet companies that has come to represent Chinese Big Tech – are all around 20 years old and have expanded their presence beyond China's shores.
“We’re coming to the tail end of a decade of gangbuster high growth due to the mobile revolution,” said Matthew Brennan, managing director of consultancy China Channel. “The incremental increases in number of users and time spent online per person is getting less and less. All the low-hanging fruit is long gone.”
He said the business-to-business market “is an area many technology companies, both in the US and China, feel holds more opportunities for growth”.
Tencent’s game is back, analysts say ahead of earnings
Although video game approvals have resumed, Shenzhen-based Tencent has not yet been given the green light to monetise its hugely popular mobile games Fortnite and PlayerUnknown’s Battlegrounds (PUBG). And investors are still waiting for more flesh on the bones of its plan to move into the industrial internet, where it will serve businesses in addition to the millions of consumers it now has on its platform.
In recent months, Tencent has clawed back a large proportion of its stock loss, and was trading at around HK$370 (US$47.13) this week compared with an October low of HK$252.20. On Thursday, shares were down nearly 2 per cent to close at HK$363.
After the close of trading on Thursday, Hong Kong-listed Tencent reported a net profit of 14.2 billion yuan (US$2.1 billion) in the December quarter that missed analysts’ estimates, after the company spent heavily on its cloud and mobile payment businesses to offset a slowdown in its core video games operations. Its quarterly revenue was up 5 per cent to 84.9 billion, which beat the consensus estimate of 83.2 billion yuan. Cost of revenue for its other businesses jumped 75 per cent compared to a year ago.
The company posted a 10 per cent increase in full-year net profit to 78.7 billion yuan, which also missed analysts’ estimates. Revenue was up 32 per cent to 312.7 billion yuan, ahead of the consensus estimate of 311.4 billion yuan.

With Fortnite and PUBG still awaiting monetisation approval, Tencent’s mobile game sales may be headed for a sequential decline in the fourth quarter amid stagnating growth for its maturing blockbuster game Honour of Kings, Bloomberg Intelligence analyst Ling Vey-sern said in a research note, citing a 9 per cent decline sequentially in its iOS game sales projected by Sensor Tower.
Markets, however, are forward-looking and analysts are betting on a reversal of the tide in 2019.
“We expect Tencent to continue to outpace the domestic online gaming market in 2019 and 2020 on the back of [eventual] monetisation of PUBG Mobile, continuous overseas expansion and the company’s rich game pipeline,” Ronnie Ho, an analyst at CCB International, wrote in a research note.
Growing use and monetisation of WeChat, Tencent’s flagship messaging and social media app with more than 1 billion users, should also offer some comfort.
While Moments, a social platform where friends share key life moment posts on WeChat, is still limited to a maximum of two advertisements per day, WeChat is stepping up its ad inventory for mini programs – so-called apps within apps that allow functionality without having to leave the platform – and video games. Moments and mini programs were the main driver of online ad revenue in the previous quarter.
Tencent to fire underperforming managers and promote young talent
Despite a slowing Chinese economy, social ad sales are expected to grow 55 per cent in the fourth quarter compared to the year before driven by growing time spent on WeChat and the monetisation of mini programs, according to estimates from Jefferies equity analyst Karen Chan.
“We don’t expect fast growth in the gaming sector with the maturing of Honour of Kings and lack of new games,” said Norman Hui, a Hong Kong-based analyst with Zhongtai International Securities. “Tencent could get a boost from the successful IPOs of its portfolio companies, but underperforming stocks, such as Meituan Dianping, could offset gains in this segment.”
Facing criticism for a spate of investments, Tencent executives have come forward to defend their spending spree as a core strategy aimed at building technologies and enhancing its social media platform and ecosystem in future.
Tencent to consider bid for US$3 billion AS Watson stake, as rival Alibaba shows interest
“Investing allows us to focus on what is most important, the platform business, and make it the best,” president Martin Lau Chi-ping said at an event in January. “At the same time, we can let our partners do what we’re not good at, and make it complementary.”
Heavyweight Tencent is being challenged by a new crop of Chinese contenders though, such as short video and news app operator ByteDance. Although new competition will help to keep Tencent on its feet in the consumer space – it has already set its strategic sights on tackling the industrial internet and the future connectivity needs of businesses.
“We believe that the first stage of the mobile internet, the consumer internet, is drawing to a close and the second stage, the industrial internet, is kicking off,” Tencent founder, chairman and chief executive Pony Ma Huateng wrote in an open letter last year. “It became clear to us that if objects and services are not fully digitalised, the connection between them and people cannot be improved.”
China faces huge risks if basic science research ignored, Tencent CEO says
Tencent is currently positioning itself as a digital assistant, helping companies to revamp their organisation and better integrate smart retail, online medical and educational services along with manufacturing processes. Given the size of China’s economy and the government’s determination for the country to become an innovation-driven artificial intelligence (AI) champion – the potential opportunity is huge. Any update on this area will be keenly watched by investors.
Meanwhile, Tencent has shown it is not averse to revamping its own culture.
Tencent executives have told employees that the company’s silo culture, which helped create its hugely successful WeChat product, will need to change to a more collaborative approach if it is to succeed in the future in other areas, such as AI and cloud computing.
The company has also said it plans to promote more young people to keep up with the times and generate new thinking. It intends to fire or demote 10 per cent of middle to senior managers to help achieve this, according to people familiar with the matter who spoke to the South China Morning Post this week.
New York-listed Alibaba is the parent company of the Post.






Tencent seeks new growth in year of transition as consumer businesses mature

Tencent Holdings founder, chairman and chief executive Pony Ma Huateng speaks at the opening ceremony of the fifth World Internet Conference in Wuzhen, Zhejiang province, on November 7. Photo: Reuters

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Tencent capped its roller-coaster year with a quarterly profit that missed analysts’ estimates
The internet giant boosted spending on cloud and mobile payments to offset gaming slowdown



Tencent capped 2018 with a 39 per cent decrease in net profit for the December quarter to 14.2 billion yuan, missing analysts’ estimates. Revenue was up 5 per cent to 84.9 billion yuan.


Tencent seeks new growth in year of transition as consumer businesses mature

Tencent capped its roller-coaster year with a quarterly profit that missed analysts’ estimates The internet giant boosted spending on cloud and mobile payments to offset gaming slowdown

Tencent capped its roller-coaster year with a quarterly profit that missed analysts’ estimates

The internet giant boosted spending on cloud and mobile payments to offset gaming slowdown