Half the population of China going QQ

Tencent, China’s leading Internet community operator and a Shenzhen-based company, said on its website that in contradiction to its name its net income jumped 16.2% year-on-year to RMB290 million ($37.5 million) in the first quarter of 2007.

Sales went up 19.8% from a year earlier to RMB773 million.

Tencent’s Ma Huateng, age 35, is an executive Director, Chairman of the Board and CEO of the company and better known as Pony Ma. He said internet value-added services rose 14.9% to RMB502 million on the back of strong activity through the winter vacation and the Spring Festival, .

The company has 598 million instant messaging accounts, 3% higher than the fourth quarter of last year. Even allowing for multiple accounts that startling statistic nevertheless represents almost one account for every two Chinese.

Tencent’s instant messaging tool QQ is a household word in China and rivals MSN Messenger in popularity among new net users.

The company, which went public in Hong Kong in 2004, said its advertising sales surged 77% year-on-year to RMB74 million.
Source: China View