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That has led to a sharp drop of its stock price on Wednesday after the report was released. The group explained that one major reason was due to the rising renminbi and that the group's income generated abroad was mainly cashed in US dollars.

Tencent Holdings Ltd showcases its image recognition technology during an internet expo in Wuzhen, Zhejiang province. [Photo by Tian Jianming/For China Daily]

Tencent reported earlier that the cornerstone investors are obliged to invest at least million each, and that their investment comes with an "unduly long" lock-up period－in which they cannot sell on the shares－as smaller institutional investors are advised to take a lock-up period of up to two years.

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Thanks to China's drastic and rigorous prevention and control measures against the epidemic, the overall tally of new cases of confirmed COVID-19 infections nationwide has gradually declined.

Testing of the software update continues, and Boeing hopes to submit the fix to the US Federal Aviation Administration and other regulators by September. American Airlines, United Airlines and Southwest Airlines, the three US carriers flying MAX jets, had hoped to return the planes to service by late August or early September.

Tensions in the South China Sea has been eased thanks to unremitting efforts from China and related parties.

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That could be significant, especially as Amazon reportedly gets closer to launching its own tablet device. Can the online retailer use these demographic trends to its advantage?

Ten Chinese academic institutions expressed their opposition in a joint statement against the decision by the Institute of Electrical and Electronics Engineers to ban employees and scientists funded by Huawei Technologies Co from peer-reviewing its research papers.

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Tesla Inc will start partial production in China in the second half of next year, the Shanghai municipal government said on Wednesday, as the US electric vehicle maker advanced its push in the world's largest auto market.

Thanks to China's economic growth, more newly-wealthy entrepreneurs want more efficient, convenient and comfortable transport.