Tencent reports 48% jump in revenues

Chinese internet giant Tencent has reported revenues of $21.9bn for 2016, up 48% on the previous year, and a 42% jump in profit to almost $6bn. Tencent is best known for its PC and mobile games and its social networking platforms, QQ and WeChat.

However, the company also has a strategic agreement with China Post to work together on marketing and promotional activities, and it is the biggest shareholder in the online retailer JD.com (which is Alibaba’s main rival in the Chinese e-commerce sector).

In a statement issued today (22 March), Tencent said that it had “solidified its position as the leading game company globally” and “also substantially increased the market share and daily transactions of [its] mobile payment services”.

Sources report that Tencent has been leveraging WeChat (known as Weixin in China) to develop its  digital payments system, Weixin pay.