Tencent will inject US$1.54b into fund
By Ding Yining |
June 16, 2011, Thursday
|
Print Edition
Print Edition
CHINA'S biggest Internet company Tencent said yesterday that it plans to double the size of its Tencent Collaboration Fund to 10 billion yuan (US$1.54 billion) to support third-party service operators and technology developers to expand web-based services.
The fund has invested 2 billion yuan in smaller start-up firms in the first five months this year.
"Our target is to become the largest open platform," Ma Huateng, chairman and chief executive officer of Tencent Holdings Ltd, said in Beijing.
Tencent, which operates China's most popular online chat program QQ, is seeking to expand its services and introduce more users to its platform with the help of partners.
Ma said the company hopes to share 20 billion yuan - the equivalent of one year of revenue - with its partners in order to help users access more services such as online games, music widgets and document sharing.
More than 9,200 websites in China now use Tencent's system, which allows users to log in with Tencent accounts to connect with their own services and share content with QQ users.
A total of eight divisions of Tencent will be open to partners to exhibit their services and products to more than 600 million QQ users. The divisions include social network site Tencent Pengyou and QQ Zone, Tencent microblog, online payment arm Tenpay and others.
The company plans to host more than 100,000 partners on its open platform, a significant increase from the current 20,000 collaborators. Last week, Tencent said it has invested in the yuan-denominated fund launched by Innovation Works, the start-up investment company founded by former Google China head Kaifu Lee. The fund's capital stands at 700 million yuan.
Third-party innovations will enhance the number of products Tencent will be able to sell to its users, Mirae Asset said in a report last month.
The fund has invested 2 billion yuan in smaller start-up firms in the first five months this year.
"Our target is to become the largest open platform," Ma Huateng, chairman and chief executive officer of Tencent Holdings Ltd, said in Beijing.
Tencent, which operates China's most popular online chat program QQ, is seeking to expand its services and introduce more users to its platform with the help of partners.
Ma said the company hopes to share 20 billion yuan - the equivalent of one year of revenue - with its partners in order to help users access more services such as online games, music widgets and document sharing.
More than 9,200 websites in China now use Tencent's system, which allows users to log in with Tencent accounts to connect with their own services and share content with QQ users.
A total of eight divisions of Tencent will be open to partners to exhibit their services and products to more than 600 million QQ users. The divisions include social network site Tencent Pengyou and QQ Zone, Tencent microblog, online payment arm Tenpay and others.
The company plans to host more than 100,000 partners on its open platform, a significant increase from the current 20,000 collaborators. Last week, Tencent said it has invested in the yuan-denominated fund launched by Innovation Works, the start-up investment company founded by former Google China head Kaifu Lee. The fund's capital stands at 700 million yuan.
Third-party innovations will enhance the number of products Tencent will be able to sell to its users, Mirae Asset said in a report last month.
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