Tencent to invest no less than RMB10 billion (about $1.64 billion) in the companies it has registered in Qianhai financial zone, Pony Ma, CEO of Tencent, said at a conference organized by the administration bureau (source in Chinese).

The Qianhai Shenzhen-Hong Kong financial and modern services development zone was approved by China State Council in mid-2012. Tencent is one of a dozen mainland companies that have signed up to establish financial companies or invest in financial or other modern services there.

The Chinese Internet giant has registered several companies on e-commerce and finance there with RMB1.6 billion (more than $200 million) in total registered capital, according to Mr. Ma. The businesses those companies will cover include WeChat Payments, online financial services, foreign currency exchange, etc.

Earlier this year it was reported that Tencent applied to establish a private bank. The company later confirmed that it was one of the investors in one.

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com

Join the Conversation


Leave a comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.