Tencent shifts focus to business

Business | Tereza Cai 1 Nov 2018

The major battle in China's mobile internet industry is shifting from the consumption-focused internet sector to the supply side business-focused internet arena, said Tencent (0700) chairman and chief executive Pony Ma Huateng.

He said Tencent will embrace business-focused internet and offer corporate clients easy and abundant access to the digital world.

Tencent will help companies across different industries digitize and boost their ability to innovate through cloud computing, big data and artificial intelligence, Ma said.

Tencent vice-president Jim Lai Zhiming said the firm's financial technology segment that grows at a high clip accounted for 23 percent of total revenue, and it is tipped to raise its contribution to 40 percent in the future.

He also said cross-border service is a promising business, and many companies in Southeast Asia have recently become "unicorns" rapidly as a result of China's export of its business model.

Tencent can help those firms develop and grow up rapidly by investing in them. This move will, in turn, bring opportunities to Tencent, he added.

Tencent yesterday spiked 5.87 percent to HK$267.

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