Bloomberg | January 25, 2011 | Mark Lee
Tencent Holdings Ltd. said it has set up a 5 billion yuan ($759.3 million) fund to invest in technology firms, as China’s biggest Internet company seeks to offer a wider range of services to its users.
The fund will target companies that develop Internet services including online games, social networking, and electronic commerce, Tencent said in a statement posted on its website today.
Tencent, the best-performing stock in Hong Kong’s benchmark Hang Seng Index this year, plans to offer its customers online services that are developed by partners, instead of relying only on products that are designed in-house. The Shenzhen, south China-based company, whose QQ online chat software has more than 600 million users, said the fund will help speed up the introduction of third-party programs.
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