HONG KONG : Chinese internet giant Tencent Holdings is cutting prices for cloud services by up to 40 per cent from June amid similar moves from rivals that have plunged the sector into a price war.The fierce competition comes amid soft corporate demand, with the Chinese economy in the midst of a wobbly re
HONG KONG : Chinese internet giant Tencent Holdings is cutting prices for cloud services by up to 40 per cent from June amid similar moves from rivals that have plunged the sector into a price war.
Alibaba Group Holding Ltd said last month it will slash prices for some cloud products by up to 50 per cent. State-owned China Mobile also joined Tencent on Tuesday in announcing cuts, saying prices for some services would be reduced by up to 60 per cent for a limited time. Wei Yunfeng, a researcher at data firm IDC, said the price war was also being driven in part by high sales targets despite slowing growth for the market.
"For participants that choose to join the war, the near-term margin impact can be significant," he said, estimating it could take 4 to 7 per centage points off their cloud operating profit margins.
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