I wanted to quickly run through my thoughts on the Tencent latest Q3 earnings announced yesterday. First up, operating metrics MAU is still up year on year and quarter on quarter for both Weixin + Wechat as well as Mobile QQ but as you can see, they are approaching the matured 1.3b numbers so inevitably growth is slowing down on this front. Overall numbers seem to be decent, with many sub-business units registering quarter on quarter increase. In particular, what was particular interest for shareholders is the domestic games segment – major titles like Honour of Kings and Peacekeeper Elite saw a decrease in revenue as a result of the stringent minor protection measures. However, judging by its quarter-on-quarter comparison, it appears things might have bottomed. Sea Ltd recent gaming results also indicated a bottom signal for its gaming segment in terms of falling PAU users....