Investing.com - Tencent Holdings (HK:0700) announced on Sunday its first restructuring in six years. The Chinese tech giant said its goal is to focus more on the industrial internet. The move follows a slide in the company’s share prices of nearly a third from their January peak.
The company will create a new business group, dedicated to cloud and smart industries, while another will combine its social media, mobile internet and online media operations. It will also form a new technology committee that will create an internal platform for people to share and collaborate on technologies and apply them to different industries.
This move comes after a crackdown by the government in Beijing on video games due to the prevalence of short-sightedness in children. Tencent’s blockbuster game Monster Hunter: World was banned earlier this year, sending its share prices down as gaming accounted for 37% of the company’s revenues last year.