avatar image
Advertisement

Tencent to broaden overseas investments, target smart retail activities

  • There are currently more than 800 companies in Tencent’s investment portfolio
  • More than 70 of these firms are listed, while more than 160 are unicorns or start-ups with a market value of US$1 billion

Reading Time:2 minutes
Why you can trust SCMP
0
Visitors check out internet giant Tencent Holdings’ booth at the World 5G Exhibition in Beijing on November 22, 2019. Photo: Reuters
Celia Chenin Shenzhen

Internet giant Tencent Holdings plans to broaden the scope of its international investments, eyeing more start-ups and new market segments such as smart retail.

Tencent president Martin Lau Chi-ping unveiled the initiative at the company’s investment conference last week in Beijing, where he said “more communications and cooperation with overseas entrepreneurs” will be pursued to expand the Shenzhen-based firm’s global footprint.

There are currently more than 800 companies in Tencent’s investment portfolio, according to Lau, whose speech was initially posted on the firm’s social media account on Monday. More than 70 of these firms are listed, while more than 160 are unicorns or start-ups with a market value of US$1 billion.

“In the past, our investment sectors were mostly focused on video games and content, as well as the [new] frontiers of science and technology,” Lau told a gathering of more than 500 Tencent-backed companies. “However, in the future, we will pay more attention to smart retail and payment platforms with the development of Tencent’s WeChat mini-app ecosystem.”

Tencent Holdings president Martin Lau Chi-ping. Photo: SCMP
Tencent Holdings president Martin Lau Chi-ping. Photo: SCMP
The Hong Kong-listed company’s latest direction comes after a year in which it took part in fewer deals, about 108 worldwide, compared with its investment spree in 2018.
Celia is a tech reporter for the Post, covering companies such as Tencent, JD.com and Foxconn. She also covers start-up news and China's tech world. Prior to joining the Post, she worked for China Daily.
Advertisement