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Tencent says to step up investment overseas and in smart retail – Source Reuters Tech News

FILE PHOTO: People visit Tencent’s booth at the World 5G Exhibition in Beijing, China November 22, 2019. REUTERS/Jason Lee

BEIJING (Reuters) – Chinese tech giant Tencent Holdings said it will step up its investment overseas and in industries such as “smart retail”, having already invested in more than 800 companies.

Those firms include 70 listed companies and over 160 are valued at more than $1 billion, according a speech made by Tencent President Martin Lau at a conference last week which the company posted on its social media account on Monday.

Tencent is known to have stakes in firms such as food delivery giant Meituan Dianping, e-commerce site Pinduoduo and video game companies such as Riot Games and Supercell.

But the company, worth $490 billion and the second-biggest company in Asia by market value after arch-rival Alibaba Group Holdings, rarely gives an overview or discloses details of its investment activities.

“Previously our traditional investment sectors were mostly…

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Source Reuters Tech News

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