Two Tencent VPs step down, to focus on company’s e-book, banking affiliatesThe leadership shuffle comes as Tencent is cutting costs in the face of a r…

Two of Tencent Holdings Ltd.’s vice presidents — Cheng Wu and Lai Zhiming — have stepped down, but will continue to lead important parts of the tech giant’s sprawling business interests, Caixin has learned.

Cheng will continue to be CEO of China Literature Ltd., an online publishing and e-book firm controlled by Tencent, a post he assumed in April 2020.