Tencent to Invest RMB 10 Bln in Financial Services

Sohu IT, 12/09/13

Pony Ma, CEO of Chinese internet and mobile services firm Tencent (0700.HK), has revealed that Tencent has established multiple companies in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (Shenzhen Qianhai Economic Zone) related to e-commerce and financial services. The companies are specifically involved in internet finance, Tencent's in-app payment service WeChat Pay, equity investment, and foreign currency exchange services. The companies possess a total registered capital of RMB 1.6 bln, with Tencent's future investment in the Shenzhen Qianhai Economic Zone to be no less than RMB 10 bln.

According to China's State Council, the Shenzhen Qianhai Economic Zone will be a testing area for financial reform.

Editor's Note: For more information on this topic, please see "Update: Tencent a Minority Partner in Banking License Application," MD 10/03/13 and "Tencent Overseas Investments Total USD 2 Bln," MD 10/23/13 issues.

Keywords: Shenzhen Qianhai Economic Zone Pony Ma e-commerce Internet Tencent 0700.HK WeChat financial services WeChat Pay

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