Tencent joins rivals in SingaporeBusiness | Bloomberg and Stella Zhai 16 Sep 2020
Tencent (0700) has picked Singapore as its beachhead for Asia, joining rivals Alibaba (9988) and ByteDance in the race to build up their presence closer to home after setbacks in the United States and India.
The management of the largest social media and gaming company in China had been discussing Singapore as a potential regional hub, and geopolitical tensions accelerated its plans, according to people familiar with the matter.
Tencent has been considering the shift of some business operations - including international game publishing - out of the mainland, they said.
In other news, Alibaba will launch a brand new business platform today, which has been kept secret for three years even from many of its internal personnel, mainland media reported.
The platform, Xunxi.com, will be an intelligent manufacturing platform as part of five strategies - new retail, new manufacturing, new technology, new finance and new energy - mentioned by founder Jack Ma Yun in 2018.
Developed under the Tmall system, the platform is operated by Hangzhou Xunxi Digital Technology and is currently open for a selected group of Taobao accounts, according to reports.