×
 U.S. +1.407.788.2780     Germany +49.89.6.214.6044 info@aimgroup.com
Generic selectors
Exact matches only
Search in title
Search in content
Search in posts
Search in pages
Categories
Automotive
Real Estate
Recruitment
Marketplaces
Financials / Deals
People on the Move
AIMR

Tencent Holdings Ltd. “sustained solid user, revenue and profit growth” in Q2 2019, according to chairman and CEO Pony Ma Huateng. The company’s revenues rose by 21% to 88.8 billion RMB ($12.5 billion U.S.). This included strong gains in fintech services — through the immensely popular WeChat Pay service, which saw revenues increase by 37%  to 22.8 billion RMB.

Users of Tencent’s WeChat messaging and payments platform have surpassed 1.1 billion, and WeChat’s mini-program ecosystem has become a major incubator for new platforms in China. A number of e-commerce platforms — including PinDuoDuo, Zhuan Zhuan and XiangWuShuo —  have found success through extensive integration into WeChat’s flexible chat and payment environment.

In May, JD.com announced that it had renewed a strategic tie-up with Tencent that would afford the company preferred access to WeChat. It will pay Tencent around $800 million U.S. for the three-year deal. Tencent will also take $250 million U.S. in JD.com’s Class A shares.

Tencent holds a 23% stake in Chinese classifieds giant 58.com (NYSE: WUBA) — a stake which is now worth roughly $2.5 billion U.S. The company has effectively hedged itself in a number of classified-related sectors. In used autos, Tencent-backed RenRenChe and 58.com-backed Guazi.com are battling for market supremacy.    

Tencent has also invested in the 58.com-incubated c-to-c transaction platform Zhuan Zhuan. Outside of China, it backed India’s CarDekho in September.

Related Articles

  • May 15, 2019

    Tencent Holdings Ltd. reported the slowest pace of sales growth since it went public in 2004, with…

  • August 27, 2019

    Shopee, a leading e-commerce platforms in Southeast Asia and Taiwan, has produced strong second-quarter results…

  • March 21, 2019

    Despite attracting more than a billion users to its WeChat super-app --- which handles everything…