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Tencent

Téngxùn Kònggǔ Yǒuxiàn Gōngsī) is a Chinese multinational conglomerate holding company founded in 1998, whose subsidiaries specialise in various Internet-related services and products, entertainment, artificial intelligence and technology both in China and globally.[3]

Its many services include social network, music, web portals, e-commerce, mobile games, internet services, payment systems, smartphones, and multiplayer online games, which are all among the world's biggest and most successful in their respective categories.[9]

Tencent controls hundreds of subsidiaries and associates in numerous industries and areas, creating a broad portfolio of ownerships and investment across a diverse range of businesses including search engine, e-commerce, retail, video gaming, real estate, software, virtual reality, ride-sharing, banking, financial services, fintech, consumer technology, computer technology, automobile, film production, movie ticketing, music production, space technology, natural resources, smartphones, big data, agriculture, medical services, cloud computing, social media, IT, advertising, streaming media, artificial intelligence, robotics, UAVs, food delivery, courier services, e-book, internet services, education and renewable energy.[24]

company originally derived income solely from advertising and premium users of QQ, who pay monthly fees to receive added extras.[28]

Now branded as WeChat, the app is one of the world's most powerful social media apps, due to its wide range of functions and platforms, as well as having over 1 billion monthly active users.[40][41][42][43]

On 15 January 2014, Tencent said it will invest HKD 1.5 billion (US$193.45 million) in logistics and warehouse firm China South City Holdings Ltd to develop its e-commerce and logistics business.[53]

On 22 May 2014, JD.com got listed on NASDAQ and Tencent expanded its stake in the company to 17.43% on a fully diluted basis by investing an additional US$1,325 million.[56]

On 17 April 2015, Tencent announced it has bought an additional $400 million worth of shares, rising its stake in the company to about 25%.[59]

On 16 October 2014, via its wholly held subsidiary Hongze Lake Investment Ltd, Tencent announced that it had bought a 7% stake in lottery technology firm China LotSynergy Holdings Ltd for HKD 445.5 million (US$57.4 million).[60]

On 9 December 2014, Chinese taxi-hailing app Didi Dache announced that it had raised more than $700 million in a funding round led by Tencent and Singaporean state investment firm Temasek Holdings.[63]

In October 2019 Tencent began sending out refunds to customers after cancelling the broadcast of NBA games in response Houston Rockets general manager Daryl Morey's social media comments in support of protests in Hong Kong.[67]

In 2016, Tencent, together with Foxconn and luxury-car dealer Harmony New Energy Auto founded Future Mobility, a car startup that aims to sell all-electric fully autonomous premium cars in 2020.[70]

announced Tencent had purchased a 5% stake in Tesla for US$1.78 billion, the automotive control systems of which it subsequently successfully performed penetration-testing until 2019[71][15]

In a 'direct challenge to Chinese search engine Baidu,' in May 2017 Tencent entered news feed and search functions for its WeChat app, which the Financial Times reported was used by 770 million people at the time.[72]

Tencent has also entered an agreement with the Wuhu City Council to build the world's first eSports town in the Chinese city of Wuhu, which comprises an eSports theme park, eSports university, cultural and creative park, animation industrial park, creative block, tech entrepreneurial community and Tencent Cloud's data center.

The site will be used for the education and accommodation of future eSports players, as well as hosting national eSports events and serving as a hub for Tencent's game development.

At the same period, Tencent introduced its mini-programs feature that allows smartphone users to access mobile apps across the globe on WeChat without downloading them.[85]

In August 2017, after Tencent announced the second quarter 2016 financial report, the stock price rose by 6.2% in the Hong Kong stock market, and the market value reached US$429 billion.[88]

In the same month, Tencent announced the company's Q3 results that exceeded optimistic expectations with skyrocketing sales, net income and gaming revenue, while Wechat reached 980 million monthly active users.[21]

The company also broke records by becoming the first Asian company to cross US$500 billion valuation, and surpassing Facebook to enter the top 5 list of the world's biggest firms.[11][12][13][14][97][98][99][100]

In January 2018, Tencent and The Lego Group, the world's largest toy company, are teaming up to jointly develop online games and potentially a social network aimed at children.[101][102]

Wanda Commercial will be renamed as Wanda Commercial Management Group, with its new investors on the board, it represents one of the world's largest single strategic investments between internet companies and brick-and-mortar commercial giants.[105]

Tencent said it was looking forward to working with Carrefour to further enrich the retail and service experience of its users and to strengthen Carrefour's services with Tencent's technological capabilities such as mobile payments, affiliate programs, customer acquisition and cloud services.[110]

In August 15, 2018, Tencent reported a profit decline in the second quarter of 2018, ending a growth streak of more than a decade, as investment gains slid and the government's scrutiny of the gaming business weighed on the company.[112]

fell 3% in morning trade in Hong Kong after the rare drop in quarterly profit was reported, extending a slide that has wiped nearly $50 billion in market value from the company in that week.[113]

In 2015, Tencent released its multiplayer online battle arena game Honor of Kings (王者荣耀) exclusively for the Chinese market, and by 2017 was both the world's most popular and highest-grossing game of all time as well as the most downloaded app globally.[131][132][133][134][135][136][137]

In 2011, Tencent started hosting massively multiplayer online games such as Call of Duty Online, consisting of previous Call of Duty titles with added content, as well as the game League of Legends, which now it fully owns.[143]

In April 2017, Tencent unveiled its own flagship gaming platform, WeGame which will host games, content, and services from all over the world and will provide gaming info, purchases, downloads, live streaming and community services, creating an open ecosystem for gaming.

WeGame is an upgraded version of TGP (Tencent Games Platform) that already has more than 200 million active users (compared to Steam's 125 million) and over 4.5 billion downloads, and is widely considered as a direct competitor to Steam.

The gaming platform will support both Chinese and global users through a single storefront and is due to go online on 1 September 2017, Tencent has stated that the platform will focus on PC and standalone games and will no longer host web or mobile games, and will provide support to small and indie companies.

There are expectations that WeGame will grow huge and successful globally with its new focus on Western users, combined with the massive buying power of today's Asian consumers.[147][133][148][149][149][150]

腾讯影业), a film distributor and a production company that creates and distributes films based on books, comic books, animated series and video games.[166]

It also entered a partnership with Alibaba Group on music-streaming rights sharing, the deal aims to protect licensed streaming services offering copyrighted content of the music industry, encouraging more high-quality and original music, as well as developing China’s fast-growing streaming market.

Alibaba will gain the rights to stream music from international labels, which already have exclusive deals with Tencent, in return for offering reciprocal rights to its catalogue of Chinese and Japanese music.[172][173]

In October 2019, Tencent Music reached a streaming music distribution agreement with CD Baby and TuneCore to provide Independent Music Artists who distribute music through CD Baby and TuneCore access to the Chinese music market through Tencent's music streaming services QQMusic, KuGou, and Kuwo.[177]

On 31 December 2015, JD announced that they will stop supporting services on Paipai.com after being unable to deal with issues involving fake goods, and had integrated the Paipai.com team within its other e-commerce platforms.

can make insurance purchases, inquiries and claims directly through national-level platforms on the firm's vastly popular instant messaging and lifestyle platform WeChat and its popular instant messaging platform QQ.[199]

The Tencent products supplied for testing were found to contain optimisations that made the software appear less exploitable when benchmarked but actually provided greater scope for delivering exploits.[209]

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