In an interview at the Money20/20 Europe conference, Naspers CEO Bob van Dijk said Chinese tech stocks have taken a hit from the trade war between the U.S. and China.
have fared better this year than in 2018
after Chinese regulators restarted approving video games, a key source of the company's revenue. In addition to gaming and messaging, Tencent is also growing its payments and cloud services. Naspers' van Dijk said he expects tech companies will continue to be targeted in the trade war but added he was "not so worried about Tencent" thanks to its domestic business model.
Naspers made a $32 million investment in Tencent in 2001, betting on what was then a little-known company. That stake is now worth roughly $126 billion as of Tencent's market close Monday. "It's been probably the best investment ever done by a company so we're quite lucky to be associated with them, but if I look forward, the best is yet to come," van Dijk said.
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