Tencent Stops Assuring Pay Hike On Promotion As Part Of Its Cost Cutting Measure

Tencent Holding Ltd TCEHY stopped guaranteeing a pay raise upon promotion amid a more comprehensive cost-cutting drive, Reuters reports.
However, Tencent assured an annual salary review to consider an individual's contribution and performance.
The policy change reflects the changing circumstances of China's technology giants, hit hard by a bruising regulatory crackdown and a slowing economy.
China's most valuable company's Q1 profit halved year-on-year, and revenues stagnated, marking its worst performance since it went public in 2004.
Founder and CEO Pony Ma talked about implementing cost control measures with a more optimized cost structure.
Price Action: TCEHY shares traded higher by 0.33% at $45.69 on the last check Wednesday.