Most analysts think profit in q3 will be less than q2, and final year 21 will be equal or a tiny little bit less than year 20. I think that a reason why it fall so much. But in 22 and 23 it would have nice growth again.
About game section, I would say no much impact. This regulation is driven by some unhappy parents, people think their kids don't like study because of game and critize the govorment for not implement enough regulations. So this regulation is equal to 'if a kids want to play game, then you need permission from your parents', if your parents allow you to play, they can arrange it easily.
Now the average tax rate is about 16~17% (raised from 11%), it would raise further(but still below 25%), I don't feel there is much problem. But BABA's tax rate will raise a lot this year, many sections of BABA failed to apply tax refund.
I would say in China , Tencent 's invetments are more successful than baba.
And until now , tencent still care about user experience, which means they can put far more ads than now but they didn't, so there are a lot of potential. (Weibo is a bad example, a lot of ads, its revenue grow a lot but don't buy it).
Ja, I am Chinese, and working in NL now , also a prosus shareholder.