Tencent's profit jumps 89% in the third quarter

The Chinese gaming giant Tencent Holdings Ltd. reported its net profit for the third quarter surged 89%, thanks to continued strength in its gaming revenue and better cost-efficiency. The Chinese group has a solid pipeline of new games waiting to be released, including a testing launch of a mobile version of League of Legends in Asia last month.

"I think Tencent's fintech focus has been on payment business, and it is quite prudent on lending; the stance is more in compliance with regulations (than rivals)," said Alex Liu, an analyst with China Renaissance.