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

• Tencent Holding Ltd (OTC: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.