Tencent to step up investments in industrial internet to support shift from consumers to businesses
- Company to put money into areas including smart retailing, education, corporate finance, according to Zhan Wei, Tencent Investment director
- It will invest in both start-ups and mature companies, Zhan said at last week’s event in Nanjing
Tencent Holdings will step up its investments into areas related to the industrial internet as part of the Chinese internet company’s shift in focus from consumers to businesses.
The investments will mainly be into areas such as smart retailing, education, corporate finance, car services, and the digitisation of traditional industries, Tencent Investment director and general manager Zhan Wei said at the company’s annual event last Friday for business partners in Nanjing.
These new areas would be in addition to Tencent’s continuous investments into the consumer internet, content production and so-called frontier technology, he said in a session that was not streamed online, unlike other sessions at the two-day event.
“Tencent will also invest in entrepreneurial companies as well as mature enterprises like JD.com and craigslist-style service 58.com,” Zhan said, according to a press release from Tencent sent on Monday. “We will also strengthen our overseas investments such as in the US, Europe, Southeast Asia, India and Oceania, including technologies and local business operations.”
The investment philosophy remains to build an ecosystem that can support outstanding entrepreneurs, create long-term value and profit and target worldwide companies, Zhan said.