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Tencent buys networking Website to expand user base
By Zhu Shenshen |
August 24, 2010, Tuesday
|
Online Edition
Online Edition
TENCENT Holdings Ltd has acquired a Google-backed Chinese social networking company with a deal valued at US$60 million, the country's biggest Internet firm said today.
It was another step for Tencent, already a leader in China's online game and instant message markets, to expand into social networking sector, following its US$300 million investment in a Russian social Website early this year.
Tencent had bought Comsenz, a Beijing-based social-networking provider, which was invested by Google, Sequoia Capital and Morningside Ventures, the Shenzhen-based Tencent said.
At present, Comsenz has more than 1.4 million Website clients through its open source platform Discuz!, Comsenz said in a statement on the Website.
After the acquisition, Tencent will integrate its instant message platform and service (QQ) into Comsenz' platform, which will further expand its dominance in China with more than 400 million Intenert users.
Both sides declined to reveal the deal value but China Business News reported that it was more than US$60 million, citing a source familiar with such deals.
In April, Tencent announced to buy a 10 percent stake in Russian-based Digital Sky Technologies (DST) for US$300 million, a major overseas expansion for domestic dot-com giants.
In the second quarter, Tencent's net profit rose 61 percent to a record 1.92 billion yuan (US$284 million) from 1.19 billion yuan a year earlier, beating an average forecast of 1.86 billion yuan from analysts polled by Thomson Reuters.
Revenue rose 62 percent to 4.67 billion yuan in the period.
"Paying customers only account for 10 percent of Tencent's active IM (instant message) users, implying ample upside," said Richard Ji, an analyst at Morgan Stanley.
It was another step for Tencent, already a leader in China's online game and instant message markets, to expand into social networking sector, following its US$300 million investment in a Russian social Website early this year.
Tencent had bought Comsenz, a Beijing-based social-networking provider, which was invested by Google, Sequoia Capital and Morningside Ventures, the Shenzhen-based Tencent said.
At present, Comsenz has more than 1.4 million Website clients through its open source platform Discuz!, Comsenz said in a statement on the Website.
After the acquisition, Tencent will integrate its instant message platform and service (QQ) into Comsenz' platform, which will further expand its dominance in China with more than 400 million Intenert users.
Both sides declined to reveal the deal value but China Business News reported that it was more than US$60 million, citing a source familiar with such deals.
In April, Tencent announced to buy a 10 percent stake in Russian-based Digital Sky Technologies (DST) for US$300 million, a major overseas expansion for domestic dot-com giants.
In the second quarter, Tencent's net profit rose 61 percent to a record 1.92 billion yuan (US$284 million) from 1.19 billion yuan a year earlier, beating an average forecast of 1.86 billion yuan from analysts polled by Thomson Reuters.
Revenue rose 62 percent to 4.67 billion yuan in the period.
"Paying customers only account for 10 percent of Tencent's active IM (instant message) users, implying ample upside," said Richard Ji, an analyst at Morgan Stanley.
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