Tencent Holdings (0700.HKG) will invest at least US$1.6 billion (RMB10 billion) in Shenzhen’s Qianhai economic zone, Bloomberg reported, citing Jerry Huang, a director of investor relations at Tencent. The Shenzhen-based tech company has set up e-commerce and internet finance businesses in Qianhai, which was created in 2010 as a testing ground for more liberal financial policies. Tencent, Asia’s largest internet company, is stepping up the battle for China’s 591 million internet users with Baidu (BIDU.NASDAQ) and Alibaba. Jim Antos, an analyst at Mizuho Securities Asia in Hong Kong, said that the investment in Qianhai could help Tencent venture into loans and expand e-commerce.
Categories