Tencent Shows Recovery as Revenue Grows; Shein to be Investigated in South Africa

by Hannah Dillon on 23rd Mar 2023 in News

In today's ExchangeWire news digest: China's Tencent shows signs of recovery as it reports 0.5% revenue growth; South African authorities launch an investigation into fast-fashion giant Shein; and the SEC charges eight celebrities over their endorsement of cryptocurrencies.

Tencent revenue up 0.5%

Chinese tech giant Tencent has reported revenue growth of 0.5% following two quarters of contractions. The conglomerate’s October-December revenue climbed to the equivalent of CN¥144.95bn (~£17.2bn), with the growth attributed to Beijing ending its lengthy regulatory crackdown on tech companies across China and growing demand for digital advertisements.

South Africa opens investigation into Shein

South Africa’s Department of Trade, Industry and Competition has announced it will investigate fast-fashion retailer Shein. The probe follows concerns from competitors and South African labour groups that the Chinese company’s practices allow it to undermine the market.

Celebrities and influencers charged over crypto endorsements

Lindsay Lohan, Ne-Yo, and Jake Paul are amongst the eight celebrities the Securities and Exchange Commission has filed charges against for endorsing cryptocurrencies. On Wednesday (22nd March) the SEC charged the public figures for “illegally touting TRX and/or BTT without disclosing that they were compensated for doing so and the amount of their compensation”.