Overview Key strengths Key risks Market leader in China's instant messaging, payments, as well as media and entertainment services. Intensifying regulatory oversight and competitive pressure. Strong secular growth for online services and entertainment in China. Revenue concentration in China. Large cash balance and strong free cash flow. Large investment appetite. 2022 will be a tough year for the company, with revenue and profit growth likely slowing to single digits. A mixture of an economic slowdown, direct and indirect effects of regulatory actions in China, and intensifying competition could lead to a deceleration in growth and margins for all the company's business segments. At the same time, we believe Tencent will continue to make significant investments in its core businesses, further
