Tech giant Tencent making waves

TENCENT is an internet and technology giant that stands tall with the likes of Alibaba and Baidu in China, with total assets worth 953 billion Chinese yuan (S$189 billion). Founded in 1998, Tencent's first flagship product was a Web-based communication application called QQ messenger, similar to ICQ's cross-platform messenger which utilises Voice Over Internet Platform (VoIP). Popularity grew as users surged past 800 million in 2019.

Tencent then established itself as a gaming giant in 2011, following the acquisition of two major game developers - Riot Games and Epic Games. The move sparked the company's first phase of massive growth and expansion. For the first quarter of 2020, Tencent's gaming revenue stands at a staggering 37.3 billion yuan.

The launch of WeChat, a multi-purpose application used for messaging, social media and mobile payments in 2011, also contributed to growth for the company, with users crossing the 100 million mark within a year after its launch.