The Share price had started to turn around after the US and China had started to work some of their issues out and the sector crackdowns in China had started to settle. However, the recent lockdowns in China (Shanghai) have basically hammered the market especially, when one considers the significance of Shanghai to China. Until the covid situation settles I am not expecting much of a turnaround. It does however, provide a potential opportunity to take a position for those interested in possible turn-around opportunities.

note: I hold

Tencent reported a 29% rise in second quarter profits. The Chinese gaming and social media giant said Wednesday that revenue jumped 20% to 138.3 billion yuan ($21.3 billion) for the three months ended June, compared to the same period last year, while profit rose to 42.6 billion yuan ($6.6 billion).

Update on Tech Anti-Trust regulations for big tech in China.

Following my ASIA ETF rant last night. You will see the regulators continue to work on cleaning up the industry. Seems fair enough to me. 

News Release: CNN

The rules announced Tuesday would forbid business operators from faking statistics or information about their product orders, sales and user reviews to mislead customers. They would also be banned from fabricating consumer views to hurt the reputations of their rivals. 

Other practices targeted include using data, algorithms or other means to redirect web traffic from their rivals or create obstacles that would prevent customers from installing or running rival services.

SAMR said the rules are intended to stamp out "unfair competition."

The regulator also proposed banning a practice known as "choosing one from two," in which companies make exclusive agreements with merchants that prevent them from selling on rival e-commerce platforms. SAMR investigated Alibaba (BABA) over such issues earlier this year, eventually slapping the company with a record $2.8 billion penalty.

Reference: CNN

Summary: Hopefully, this gives a bit more clarity into what's actually taking place. As opposed to some of the over dramatised media reports. 

Disclaimer: I was a buyer today on strawman and hold in my personal account. My thoughts are this is a quality ETF at a discount! The risk adverse might wish to wait until things settle down if you are interested in buying in alternatively if your into $$$ cost averaging then...