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- Tencent (OTCPK:TCEHY) has reportedly closed one of its video game studios in the U.S. despite its plans to compete on a global stage.
- Based in Shenzhen, China, Tencent (OTCPK:TCEHY) shut down the Team Kaiju studio in June, with the staff being assigned to work on other projects, Reuters reported, citing a source familiar with the matter.
- The news outlet added that Team Kaiju was led by game designer Scott Warner, who joined Tencent in 2020. According to his LinkedIn Account, he left in April and the website for the studio is no longer active.
- Tencent (OTCPK:TCEHY) ADRs were little active in premarket trading on Monday and have fallen 10% this year.
- News of the shutdown comes a few days after the launch of Tencent’s Dream Star, which it expects to compete with NetEase’s (NTES) blockbuster game, Eggy Party.
- Goldman Sachs anticipates Dream Star to achieve gross sales of about 6B yuan in the first year and cites user growth, retention and iOS rankings as the main catalysts to keep an eye on after the release this month.