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Tencent knocks Alibaba off China’s tech top spot

18.08.2016
Tencent knocks Alibaba off China’s tech top spot

Tencent’s second quarter results have revealed that the company has overtaken Alibaba as China’s most valuable tech business, following a 52% rise since the same period the previous year.

The owner of social messaging app WeChat demonstrated market capitalisation of 1.9103tr Hong Kong dollars ($246.35bn) with total revenue for the second quarter at 35.69bn yuan ($5.38bn). Alibaba showed market capitalisation, in contrast, of $242.04bn.

The bulk of the company’s second quarter revenue was attributed to strong growth in mobile gaming and advertising, with key titles Honor of King and JX Mobile credited.

“During the second quarter, we sustained solid growth in our platforms and businesses, including our social and media platforms, games, digital content, advertising, and payment services,” said Tencent chairman and chief executive officer Ma Huateng. “We executed strategic initiatives to strengthen our ecosystem and to reinforce our ability to bring best-in-class entertainment content to our users.

“We believe high quality content, coupled with Tencent’s user base, distribution capability and targeted recommendation technology, position us and our partners to help develop the fast-changing digital entertainment market.”

Tencent recenty partnered with Publicis to cultivate a borderless approach when working with clients,  following partnering with WPP to create a social marketing lab in China.

“China continues to lead the world in advertising growth especially in digital and mobile and we increasingly see new ideas and technology that leapfrog the West,” said Publicis Groupe chairman and chief executive Maurice Lévy.

“Tencent is a company that embodies this strive for growth and innovation and we are honoured to be their first-ever global partner and look forward to everything we will achieve together for the ultimate benefit of our clients.”


Source:
http://mandmglobal.com/tencent-knocks-alibaba-off-chinas-tech-top-spot/