China’s Tencent, Owner of ‘Super App’ WeChat Grew Profits To US$ 9B In Q4 2020 But Regulators Are Circling.
Tencent, the company behind China’s hugely popular do-everything ‘super app’ WeChat which has over 1.17B users saw revenue grow 26% to US$20.5B while profit climbed 175% to US$9B in the quarter ending December 2020 — these are mind-boggling numbers! However, it’s not all rosy since regulators in China are now circling around the massive business due to its dominance of China’s financial services sector via WeChat Pay.
One interesting fact is that South Africa’s Naspers owns 31% of Tencent due to an early investment of only US$ 38M in 2001 which today is responsible for a large part of Naspers’ gargantuan value as the largest publicly listed company in Africa. Naspers also owns Multichoice (DStv) and Showmax #Tencent #WeChat #Naspers #China #Africa