Tag Archives: Tencent

Shenzhen’s Top Companies: Fintech Giants

A glance at the financial scorecard of Shenzhen’s publicly listed companies in the most recent quarter shows an impressive performance: Across 393 companies, listed on six stock exchanges at home and abroad, revenues rose by 13.05%, profits by a whopping 33.08%, YoY.

 Revs (RMB, bn)YoY%Profits (RMB, bn)YoY%
Total          4,423.6113.05755.62533.08

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Visitors get a taste of Chinese online payments

Fintech Week is proving to be a global PR bonanza for Hong Kong. Local media have been buzzing for the past two days about Alipay’s decision to open its payment platform inside the Chinese mainland to foreigners, the announcement of which was clearly timed to coincide with the Hong Kong event. And Mu Changchun, the central bank’s whizzkid overseeing the imminent launch of the digital Renminbi, kept the momentum going yesterday by suggesting foreigners could use it, too.

As reported by SCMP, Mu said the central bank is working to separate the virtual currency from the banking system. “Actually it could be decoupled from traditional bank accounts,” he said during an event at Fintech Week, which is being held at the AsiaWorld-Expo. “Thus, those who don’t have bank accounts in China can still open a digital wallet and enjoy mobile payment services in China.”

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GBA Briefs: 25/9/2019

Scapegoats or scoundrels? SCMP takes a closer look at the political weight of Hong Kong’s property oligarchs and notes that they have been shedding pounds ever since President Xi Jinping came to power. Read more.

No force necessary: An online opinion poll claims that most Hongkongers would rather see the police force disbanded than merely held accountable for recent alleged violent acts. Read more.

Alibaba preps for IPO: Alibaba has bought out a direct one-third stake in its finance subsidiary, Ant Financial, which analysts see as a precursor to its next mega-listing. This IPO would give the battered HK Stock Exchange a major boost. Read more on Caixin.

CICC teams with Tencent: One of the country’s biggest asset managers has established a joint venture with Tencent to run an online wealth-management firm. Talk about a fintech disruption. Read more on Caixin (in Chinese).

Tencent brings its cloud to Zhuhai

Tencent seems to have taken a shine to Zhuhai. After signing a deal with the city’s Xiangzhou district back in May to build a cloud computing base, its cloud-computing subsidiary – surprise! – recently won a public tender to provide AI-powered cloud services to the district worth RMB75 million. 

Tencent Cloud will provide full-stack public cloud services supported by AI technology, including machine learning, facial recognition, image recognition, voice recognition, natural language processing, optical character recognition and supporting infrastructure as a service (IaaS) cloud services. 

The company will also set up various “platforms” for local innovators and entrepreneurs to “enhance their R&D skills”. This will involve the establishment of AI colleges and labs cofounded by Tencent and local universities. 

Xiangzhou district is the political, financial and cultural center of Zhuhai, at the forefront of the city’s efforts to digitalize the local government, boost the AI industry, and create a smart city.

Tencent, Qualcomm partner on 5G gaming devices

Trade war? What trade war? Qualcomm and Tencent have announced that they are cooperating on projects to “optimize the user experience” for the Shenzhen-based company’s video games running on deviceswith Qualcomm chips. Moreover, they are going to develop a 5G version of a Tencent-backed gaming phone, reports Reuters. 

Working with Qualcomm, the world’s leader inmobile phone chips that power a dominant share of Android devices, is a no-brainer for Tencent. The company is seekingnew areas for growth as gaming revenues sag amid increased scrutiny by Chinese authorities.Under the agreement, future Tencent games could be “optimized” for Android phones that run Qualcomm’s Snapdragon Elite gaming chips, the companies said in a joint statement.

What’s more, with the dawn of 5G, mobile gaming is poised for acceleration. “Faster speeds, more bandwidth, and cutting edge ultra-low latency will support real-time, multi-player and immersive gaming experience,”says Pu Meng, chairman of Qualcomm in China.

Tencent pays US$1.5b for NBA rights

Chinese internet and entertainment giant Tencent has paid US$1.5 billion to renew its exclusive five-year digital licensing contract with the National Basketball Association, some three times the value of their previous agreement, according to a press release by NBA.

Tencent will retain the rights to offer live NBA broadcasts, videos on demand and short video services to Chinese fans through various websites, apps and social platforms under the new deal, Tencent said today in a statement. It will also work with the NBA to create innovative advertising products and to build a fan community, it added.

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Ping An leads GBA in Fortune China 500

The prestigious Fortune China 500 list has been released for 2019, with GBA companies standing out in measures of both revenues and profits. Shenzhen-based Ping An, which began as an insurer but is now more of a fintech firm, is the GBA’s leading light, ranking No. 4 in revenues and No. 6 in profits nationwide. 

A total of 86 from the GBA made the top 500. Moreover, 12 of the top 40 most profitable were from the GBA.

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Miniso plans for $1b IPO

Guangzhou-based budget household and consumer goods retailer, MINISO Co., is planning an initial public offering that could raise about US$1 billion, reports Bloomberg.

The Tencent-backed company was founded by Japanese designer Miyake Junya and Chinese entrepreneur Ye Guofu in 2013. Tencent and Hillhouse Capital invested RMB1 billion in the retailer last year in its first external financing round, according to a statement at the time. 

MINISO has been compared to the popular Japanese minimalist retail brand Muji, albeit at a cheaper price. Since its conception, MINISO has been caught into a number of copyright disputes, with the French luxury goods conglomerate LVHM accusing it of design infringement. 

The company’s popularity, however, has not been dampened by such accusations. According to its website, MINISO currently operates more than 3,500 stores across 80 countries including China, the US, Brazil, the UAE, Russia and Africa. The company posted revenue of RMB17 billion in 2018.

Readmore. 

GBA Briefs: 24/6/2019

Foshan MTR Deal: Hong Kong’s MTR Corp has teamed up with Foshan-based property giant, Country Garden, and the local government to set up a smart MRT railway research and development center in the Shunde district. Read more.

Shenzhen Airbus Deal:Shenzhen Eastern General Aviation Company will debut the VIP version of Airbus’ H160 helicopter following an agreement signed at the Paris Air Show. Read more.

Shenzhen Car Quotas:Shenzhen’s new quotas for 40,000 car license plates will be auctioned between June and August, shorter than the originally announced June to December, in response to a central government call to boost vehicle sales in a sluggish market. Read more. 

Guangzhou Airport:Guangzhou’s airport has broken the 10 million annual passenger mark and is rated one of the top 3 in the country together Beijing and Shanghai.Readmore. 

Robots Raising: Shenzhen-based Leju Robotics has raised RMB250 million (US$36.21 million) in a Series B round led by Aplus Capital and an investment vehicle of media firm Shenzhen Press Group. Existing investor Tencent also participated. Read more.

Capital’s Capital Grows:Guangzhou’s balance of deposits and credits (including foreign currency) exceeded RMB10 trillion by the end of May, up 14.6% year-on-year and, ranking first ahead of Beijing, Shanghai, Shenzhen and Tianjin. Read more

Bullet Train Booms:The Hong Kong section of Guangzhou-Shenzhen-Hong Kong Express Rail Link has served over 14 million passengers between the HKSAR and cities in the Mainland since opening last year. Read more

Secure Investment:The security industry in Foshan’s Nanhai district exceeded RMB24 billion in 2018, up nearly 40%, thanks to the construction of science parks, cooperation with Shenzhen and policy support from the government. Foshan is a hub for security and safety equipment manufacturing. Read more

Art Haul: Around RMB 190 million of artwork changed hands over the weekend in Guangzhou, where the 24th Spring Guangzhou Art Fair was held in the Pazhou convention center. A total of 360 art institutions from 38 countries displayed 20,000 paintings, sculptures, installations, videos, new media and other arts. Read more.