Wednesday, May 19, 2021
Home News Reports Chinese multinational company that owns PUBG loses billions, sees second-largest valuation dip this year...

Chinese multinational company that owns PUBG loses billions, sees second-largest valuation dip this year after India bans app

China's gaming and social media giant Tencent's shares crashed by more than 2 per cent, the market value of which is around USD 14 Billion.

China’s gaming and social media giant Tencent’s shares crashed by more than 2 per cent on Thursday after India banned its popular gaming app PUBG along with 117 other mobile apps, claiming they were prejudicial to the sovereignty and integrity of the country and posed a threat to the defence, security and public order of India. The market value of this drop is estimated to be around USD 14 Billion in just a day.

Tencent becomes one of the biggest losers alongside banned TikTok app owner ByteDance

With Wednesday’s ban, Tencent became one of the biggest losers alongside China’s ByteDance, whose flagship product TikTok met a similar fate earlier. The Internet powerhouse- Tencent has more than 25 apps, which it owns directly or through affiliates, banned in India. This includes the chat platform WeChat and apps like QQ Newsfeed.

Tencent also has investments in the news and entertainment platform Newsdog, camera app YouCam and e-commerce platform Shein. All of these apps are now banned in India.

PUBG was one of the most popular gaming apps. India alone contributed almost 175 million installs to date, which is almost 24 per cent of its total installs worldwide. PUBG had over 50 million active users in India.

It is notable here that though the popular game PUBG was created by a South Korean company, its mobile version is owned by China’s Tencent.

As per reports, it is Tencent’s second-biggest valuation dip this year. The latest report has suggested that the total losses in market value may be near 34 Billion USD, and shares may have tumbled by 3%.

America lauds India’s bold move to ban 118 Chinese apps, asks all “freedom-loving nations” to join in

The USA has supported India’s move to ban 118 Chinese apps. In a Tweet, the US State Department quoted Under Secretary Keith Krach had lauded India’s move and urged “all freedom-loving nations and companies to join the ‘Clean Network’ drive.

China perturbed by another big jolt by India

Meanwhile, China, perturbed by India’s move, responded on Thursday by saying that India’s decision to ban 118 Chinese Apps is not beneficial to the Indian users nor to China’s businesses and claimed it violated (World Trade Organisation) WTO rules. The Chinese spokesperson Hua Chunying, raising concerns over the ban also noted that the US State Department on the same day cited New Delhi’s ban and called on other countries to join India to join the Clean Network programme. “I wonder if there’s connection or coordination between India and the US on this issue,” she claimed.

India bans 118 ‘malicious’ Chinese apps including Tencent owned PUBG

Invoking its power under section 69A of the Information Technology Act read with the relevant provisions of the Information Technology (Procedure and Safeguards for Blocking of Access of Information by Public) Rules 2009 and in view of the emergent nature of threats, the Ministry of Electronics and Information Technology, Government of India decided to block 118 mobile apps, on September 2.

This bold move by the Indian government came amidst the heightened tensions along the Line of Actual Control after the Chinese troops were found surreptitiously intruding into Indian territory in the southern bank of Pangong Tso lake on the intervening night of August 29 and 30. The Indian Army had outfoxed the Chinese manoeuvres and repelled the Chinese incursion.

Prior to this, the Indian government had banned 59 apps, mostly Chinese, including popular mobile apps such as TikTok, UC Browser and WeChat, citing similar reasons.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staff
Staff reporter at OpIndia

Related Articles

Trending now

Petition wants Delhi High Court to cancel Center’s approval for Covaxin to conduct trials for 2-18 age group

The petitioner wants Delhi High Court to quash govt notification allowing Covaxin trials for the 2-18 age group.

Congress may have rubbished the toolkit as ‘fake’ but there are enough reasons why people find it authentic

A toolkit was recently in circulation that highlighted the Congress party's devious attempts to tarnish the Modi government.

#CongressToolKitExposed: How Congress’s Srinivas BV’s actions during Covid crisis fits the toolkit perfectly

One of the first recommendations of this particular section of the 4-page toolkit suggests promoting SOS redressals and offering “priority help” to journalists, media professionals and other influencers.

Why Islamists and their apologists are desperate to insert ‘Jai Shri Ram’ to turn every random crime into hate crime

Ever since PM Modi came to power in 2014, the 'Dara Husa Musalman' bogey has been raised time and again in Indian context mostly to whitewash hate crimes carried out against Hindus

Washington Post cancels Iron Dome for saving Israeli lives

Should Israel just let its citizens die? Why should any country not use technology to save lives of its citizens?

West Bengal: Mamata Banerjee’s govt clears proposal to form a State Legislative Council. Here is why

The decision was taken during a cabinet meeting, conducted via video conferencing, by the CM and several Departmental Secretaries.

Recently Popular

Charity ‘toolkit’: How Sonu Sood’s foundation sought help from BJP’s Tejasvi Surya but took all the credit himself

Netizens have often raised suspicions that Sonu Sood had been falsely claiming credit for arranging help for Covid-19 patients without having done so.

Latest Congress toolkit: Paint Kumbh as Covid superspreader, and Eid as ‘happy gathering’. Here are the details

From maligning Kumbh to attacking Prime Minister Narendra Modi for the Central Vista project, working with 'friendly' journalists to get 'tailored' articles defaming India and Modi govt, here is what the Congress 'toolkit' asks its social media and PR teams to do.

Haryana: Police rules out communal angle in murder of Mewat youth Asif, two groups are old political rivals. Details

As per police, Asif had beaten up Pradeep's group members 20 days back, and Pradeep decided to avenge the attack.

Odisha: Sonu Sood clarifies after Ganjam DM says they had not received any communication from him regarding bed for COVID patient

The Collector and District Magistrate of Ganjam has called out Sonu Sood after the actor claimed to have arranged a bed.

Congress cries foul as its bombshell ‘toolkit’ stands exposed, threatens to take legal action

AICC Chairman in a Tweet threatened that a case is being filed against BJP leaders JP Nadda and Sambit Patra for forgery.

‘This is your blessing’: INMAS director whose team developed 2-DG drug thanks his physics teacher Rajnath Singh

Dr AK Mishra, the director of INMAS, stated that Raksha Mantri Rajnath Singh was his physics lecturer back in the 1980s.
- Advertisement -


Connect with us