TLDR: Everything you need to know about Tencent
By The World Economic Forum (these highlights provided for you by Annotote)
“ In April, Chinese internet firm Tencent became the world’s 10th biggest publicly traded company by market value.
“ Tencent’s total revenues were RMB106,158 million (US$15,670 million), an increase of 57% over the first half of 2016.
“ China has the largest number of internet users of any country in the world, but it also has strict censorship, with digital surveillance and a ban on online anonymity. Access to Facebook, Twitter, Instagram and Snapchat is restricted, so Tencent came up with social media platforms designed for Chinese audiences.
“ Co-founded in 1998 by chairman and CEO, Ma Huateng (also known as Pony Ma), Tencent’s ambitions first centered on online messaging
“ First came QQ in 1999: the PC-based instant messaging service [that] still has around 860 million monthly active users
#MAUs
“ After QQ came the multi-media social networking service Qzone, which was launched in 2005 and became China’s largest social networking platform. Qzone allows users to post photos and videos, live stream videos, write blogs, keep diaries and play games.
“ But Tencent’s most popular platform by far is WeChat, launched in 2011 and now boasting 938 million active monthly users. WeChat (Weixin in mainland China) is a social media and messaging app, like Facebook and WhatApp rolled into one. But it’s also used for business communications, sending and receiving money, mobile payments, gaming, ordering food and taxis and more.
“ Tencent is also the world’s biggest online gaming company.
“ Last year, Chinese consumers spent $5.5 trillion through mobile payment platforms … 50 times more than in the US.
#fintech
“ Tencent is also investing in cloud services and AI technologies. “ users spend more time on WeChat than on Facebook, Instagram, Snapchat, and Twitter put together
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