Tencent sets up a collaboration fund - to further advance its open development strategy in the Internet industry
January 24 2011 - Tencent announced the establishment of Tencent Collaboration Fund (the ”Fund”) which aimed to invest up to RMB 5 billion in innovative and top-notch Internet and related companies in China. The Fund will operate as an internal fund of Tencent and will be invested when appropriate opportunities arise.
The Fund is intended to provide capital support for leading innovative companies in the Internet industry. Leveraging the Company’s extensive experience in Internet technologies and value added services Tencent will also share its operational expertise with the investee companies to help them accelerate growth.
The Fund is one of the key initiatives under Tencent’s open development strategy. Tencent is dedicated to building a platform which supports innovation from its partners. Mr. Ma Huateng Chairman and CEO of Tencent said “A healthy ecosystem of the Internet industry hinges on the joint efforts of all the participants along the value chain of the industry. Winning through partnerships represents one of our key development strategies going forward. Through the establishment of the Fund we will support the development of our partners and offer more value to our users.”
Mr. Martin Lau President of Tencent remarked “We have shared user resources with our partners through the open platform strategy on our various platforms including Qzone QQ Mall TenPay Tencent Microblog and Paipai. The Fund will provide capital for the continued innovation of partner companies which will spur the development of more quality services for the Internet users and enhance the long-term value of our platforms. Through these efforts we aim to support the development of a healthy ecosystem which benefits the users innovative companies our open platforms and the Internet industry as a whole.”
In recent years Tencent has made ongoing efforts in investing leading companies in the Internet industry. Mr. Richard Peng Vice President for M&A Department of Tencent said “Tencent Collaboration Fund focuses on identifying top-notch entrepreneurial teams with high growth and development potentials in various areas including online gaming SNS mobile Internet e-commerce and new media.”