Tencent Holdings Ltd Q4 2023 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Kenneth Fong - UBS Investment Bank, Research Division - Analyst : My first question is for online game. As we highlight in our strategy for online games, we will work on enhancing the flagship titles, building emerging franchise game and launch of new titles. Can management share with us the timing and when we should see it benefiting our overall online game growth? And for the industry top down, we also see some gradual relaxation on the number of time how being approved and also gained with high commercial value. But while at the same time, we also see some industry headwinds, like lower player spends with more competition. So how should we think about the medium-term growth for the online game ahead? And I have a follow-up question is for the live streaming e-commerce. Last year, we made very meaningful progress and have stepped up hiring and building of our team for live streaming e-commerce. Can management share with us some update about our current scale, the road map ahead and how we are differentiating with our peers?