Tencent Holdings Ltd. — billionaire Pony Ma’s sprawling gaming, technology and financial empire — has been told by regulators to put its finance-related business into a new financial holding company where they can be better supervised, multiple sources close to the matter told Caixin.
Exclusive: Tencent Ordered to Set Up Financial Holding Company
Owner of WeChat Pay follows in footsteps of rival Ant Group with state-mandated corporate shake up to comply with new rules for financial firms
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- Tencent itself has played down the potential impact on the business of having to establish a financial holding company. Photo: IC Photo
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