Tag Archives: Tencent Holdings
Tencent Restructuring Business Operations Into 6 Groups
Chinese media company Tencent Holdings said this past Friday that they are restructuring their business operations into 6 groups. The company also named Ren Yuxin as the new COO and head of the company’s media and social networking groups as they prepare to move beyond their gaming business. The restructuring will benefit smaller operations of the business like mobile, search, and e-commerce.
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Categories Ma Huateng, Ren Yuxin, Tencent, Tencent Holdings
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Weibo and Tencent Disables Comments Due To Impending Political Coup
Weibo and Tencent have temporarily banned the comment features on both of their services following their role promoting the speculation of a political coup. The comment features being banned were allegedly pushed for by the Chinese government. The shut-down is happening up until April 3rd. The authorities also closed down 16 websites and detained 6 people. Rumors were spreading of “military vehicles entering Beijing and something wrong going on in Beijing.” Community Part member and Chongqing party chief Bo Xilai was dismissed recently causing a shock to the nation.
Categories Bo Xilai, Tencent, Tencent Holdings, Weibo
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Expedia and Tencent Invest $125.6 Million Into eLong.com
Tencent Holdings Ltd (HKG:0700) and Expedia, Inc. (NASDAQ:EXPE) have invested $125.6 million into online Chinese travel service website eLong.com. Tencent put in $84.4 million for a 16% stake and Expedia put in $41.2 million to increase their stake to 56%.
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Categories eLong.com, Expedia, Expedia.com, Tencent, Tencent Holdings
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Groupon Launches In China Under The Name Gaopeng.com
Groupon has launched in China under the name Gaopeng.com. The website will initially cover Beijing and Shanghai. Tencent Holdings and Yunfeng Capital are investors in Gaopeng. Yunfeng Capital is a private equity fund started by Alibaba.com Chairman Jack Ma. Some of Gaopeng.com’s competitors include Lashou.com and Meituan.com. [Bloomberg]
Categories AliBaba, Alibaba Group, Alibaba.com, Gaopeng.com, Groupon, Groupon.com, Jack Ma, Tencent, Tencent Holdings, Yunfeng Capital
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Tencent Invests $300 Million Into Digital Sky Technologies
Digital Sky Technologies (DST) is an investment company that is known for investing in social networking companies such as Zynga and Facebook. Chinese Internet company Tencent has invested $300 million in DST for 10.26% ownership in the company. Tencent will also get 0.51% voting power in DST.
Digital Sky Technologies owns 1.9% of Facebook through a $200 million investment. DST invested $180 million in Zynga. DST raised about $1 billion in funding themselves through 2009. DST and Tencent are both rumored to be making bids in AOL’s ICQ messenger service. [paidContent]
Categories Digital Sky Technologies, DST, Tencent Holdings
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Riot Games Raises $8 Million Series B
Riot Games is a social game development company that is best known for creating the League of Legends. Earlier this week Riot Games announced that they have raised about $8 million in Series B. The investors include Benchmark Capital, FirstMark Capital, and Tencent Holdings. Rather than making revenue from advertising, Tencent and Riot games depend on the sales of virtual goods.
Riot Games is currently developing an online game platform which is what the funding will go towards. Considering that Tencent is one of the largest virtual good dealers in China, they may even lend their expertise to Riot Games. The company is licensing the League of Legends in China and will launch in the country by 2010.
Tencent is the parent company of Internet portal QQ.com. They sell virtual goods through their portal, IM software, social networks, and games. These virtual goods include pets, clothing, wallpapers, etc. Tencent made about $700 million last year according to BusinessInsider.