Then today, Tencent announced its first decline in quarterly profits in almost 13 years, and another $25 billion went poof! Why? In a report via TheStar China has effectively put a temporary ban on all new game releases due to a massive shakeup in the censorship agency.
"From a revenue growth perspective, gaming is a key area of weakness and our biggest game is not monetisable", president Martin Lau said on a conference call with investors Wednesday.
Tencent has lost more than $150 billion in market value with stock falling over 17 percent since a January peak, while main rival Alibaba remained stable.
This is not the first time Tencent has found itself at crossroads with China's gaming authorities.
Tencent stock also took a tumble when it was asked by the SART to take off "Monster Hunt: World Wide", a popular game worldwide earlier this week.
Chinese regulators have frozen approval of game licenses amid a government shake-up.
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Video was one of the bright spots in the company's results, with its Netflix-like streaming service reaching 74 million subscribers, up 121% from a year ago. Monthly active users climbed nearly 10 per cent to 1.06 billion in the June quarter - a massive population of consumers not just for games and ads but also fledgling services from video to financial services. The majority of this is attributed to Fortnite: Battle Royale and PlayerUnknown's Battlegrounds, as Tencent has been unable to market the desktop versions of either game, and PUBG's mobile variant, without approval. This has halted the growth of the video game industry in the market.
"A lot of games have not been approved", said Lau, adding that the government was aware "the restructuring is now affecting the industry as a whole". The record was previously held by Gintama. It's looking like the reason behind China's games license freeze is similar.
An emblem of China's growing innovative prowess, Tencent, which owns the messaging and payments app WeChat, has nonetheless been a beneficiary of Beijing's policies. The country's cryptocurrency and peer-to-peer lending industries also soared to become the biggest in the world - only to be squashed by government intervention.
Last year Tencent was one of several private Internet companies that had to inject funds into a struggling state telecom.
However, operating profit for Tencent's second quarter dropped by 3 percent year-on-year to 21.8 billion yuan (~$3.14 billion), but for the six month period this increased by 25 percent to 52.5 billion yuan (~$7.57 billion).