Tencent released its 1Q results and its core business performance does not look good. What has supported its earnings are selling stakes in its past successful investments in other companies Effects of Asset Sales Based on 1Q results, we can see excluding the gains from selling part of its holding in Sea Holdings, Tencent's core business only made about RMB 11 billion. Similarly in Q4 of FY 2021, if the effects of its asset sales are excluded, Tencent's core business earns about RMB 10-11 billion. The 2 latest quarterly results reflects the new normal for Tencent post China's government regulations. What is propping Tencent is its continuous monetization of past investments. Fortunately, it has made numerous good investments such as in Tesla and Sea Group, hence despite these 2 fall in share prices, Tencent's investments in them are still in the green. However, share sales is not a recurring item...