China’s internet companies adopting new ‘Social+’ business model to succeed

The icons for Tencent Holdings’ applications on WeChat; clockwise from top left, QQ, JOOX, Tencent News and Tencent Video. Photo: Bloomberg

Like millions of Chinese, Huang Xinyi almost never has her smartphone, an iPhone 8 Plus, out of reach. It is the first thing she picks up after waking up each morning, and the last she puts away before turning in for the night.

During the day, pockets of free time are spent on various social apps on Huang’s phone – be it checking out her Moments feed in WeChat to see what friends are up to, browsing Taobao deals for a new summer wardrobe or challenging friends to a game of Honour of Kings.

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