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Tencent

An internet service portal

Summary

Tencent has maintained steady growth under its user-oriented operating strategies. It provides value-added internet, mobile, and telecom services, as well as online advertising under the strategic goal of providing users with “one-stop online lifestyle services.” Tencent’s Internet platforms in China – QQ (QQ Instant Messenger), WeChat, QQ.com, QQ Games, Qzone, 3g.QQ.com, SoSo, PaiPai, and Tenpay – aim to address the various needs of internet users, including communication, information, entertainment, e-commerce, and others.

 

History

1998–2010: Founding and growth
Tencent was founded by Pony Ma, Zhang Zhidong, Xu Chenye, Chen Yidan and Zeng Liqing in November 1998 as Tencent Inc. Incorporated in the Cayman Islands. Initial funding was provided to it by venture capitalists. In February 1999, Tencent’s messenger product OICQ released. Shortly after, Tencent had the client’s name changed to QQ; this was said to be due to a lawsuit threat from ICQ and its owner AOL. The company remained unprofitable for the first three years. South African media company Naspers purchased a 46.5% share of Tencent in 2001. Tencent Holding Ltd was listed on the Hong Kong Stock Exchange on 16 June 2004, and it was added as a Hang Seng Index Constituent Stock in 2008. The company originally derived income solely from advertising and premium users of QQ, who pay monthly fees to receive extras.

On September 6, 2018, Luckin Coffee signed a strategic cooperation agreement with Tencent.

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

On June 29, 2020, Tencent acquired the video-on-demand service iflix in Kuala Lumpur, Malaysia.

As part of the controversy that the Trump administration has had over ByteDance and the TikTok app, President Donald Trump signed two executive orders on August 6, 2020. One order was directed at TikTok, that within 45 days from its signing (September 20, 2020) that it would ban transactions involving the TikTok app with ByteDance, effectively banning the TikTok app in the United States, under threat of penalty. The second order contained the same information but targeting the WeChat app and related transactions for Tencent. In the case of ByteDance, the order would be cancelled should an American company acquire it, which Microsoft had been openly spoke off, but there are unlikely any immediate buyers for Tencent in the U.S.

Current investments

On 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. Shares of internet giant Tencent Holdings Ltd. 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. The sell-off dragged down many other Chinese internet stocks as well.

Vision

Vision:
To be the most respected Internet company.
Earn the respect of consumers by listening, satisfying and exceeding their needs and expectations.
Earn the respect of employees by continuously improving our corporate reputation so that Tencent is a company employees are proud to work for.
Earn respect within the industry by promoting the healthy development of the Internet industry and win-win collaboration with partners.
Earn the respect of society by actively assuming corporate responsibility and contributing to community development.

Mission

Tencent’s mission is to “improve the quality of life through internet value-added services”. Guided by its “user oriented” business philosophy, Tencent achieves its mission via the delivery of integrated internet solutions to over 1 billion netizens.

Team

CEO – Ma Huateng: Ma Huateng, also known as Pony Ma, is a Chinese business magnate, investor and philanthropist. He is the founder, chairman and chief executive officer of Tencent, Asia’s most valuable company,

References

https://twitter.com/TencentGlobal

https://qandqblog.wordpress.com/mission-and-vision/

https://en.wikipedia.org/wiki/Tencent

https://www.bbc.co.uk/news/technology-53696743

https://www.linkedin.com/company/tencentglobal/

https://techcrunch.com/2019/05/07/tencent-motto-tech-for-good/#:~:text=Tencent’s%20mission%20is%20to%20%E2%80%9Cimprove,to%20over%201%20billion%20netizens.