Tencent ratcheted up its competition with Alibaba, claiming leadership in two key areas and signalling a further year of investment and acquisitions.
The Shenzhen-based company, which has a market capitalisation of $560bn, has been on a buying and investment spree, building a portfolio of 600 companies in which it has stakes or owns. This week alone it has acquired shares in gaming company Ubisoft, German online bank N26 and a Chinese news aggregator.
Announcing a near-doubling of net income to Rmb20.8bn ($3.18bn) in the final quarter of the calendar year, Martin Lau, president and executive director, said on Wednesday the social media company now led the Chinese market in video and payments, in terms of monthly and daily average users.
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