China’s largest internet firm by market value, Tencent Holdings (0700.HK), announced plans to launch a US$760 million fund to invest in online games, social games and mobile games, Reuters reported, citing state media. At present, the Chinese internet company is the sole investor in the fund and aims to actively invest most of the money over the next two to three years. Tencent currently dominates China’s online gaming industry and runs the largest online messaging platform, QQ. China’s overall online games market increased 25% in the fourth quarter of 2010, reaching US$1.4 billion. According to iResearch Consulting Group, Tencent holds 31% of that market.
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