Tencent at The Forefront of Chinese Innovation

8/20/2019 Tencent at The Forefront of Chinese Innovation

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Michael Gasiorek

Tencent - The Forefront of Chinese Internet Innovation

Consumer Software/Internet Services Industry

Industry & Environment Analysis


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Michael GasiorekDecember 201

!encent " #orefront of China Internet InnovationIntroduction: Sco$e% &ey Services% 'usiness Model% Summary (nalysis

#rom bein) called a *co$y machine* and an *evil em$ire* +*!encent

innovation is,,,*- to hailed as China.s most $romisin) com$any +abkin- with (sia.s

most innovative founder *ony* Ma +*(sia.s Most Innovative*-% !encent has e$loded

from a 13 $ost4colle)e $ro5ect by Ma 6uaten) and 7han) 7hidon) to China.s

lar)est internet com$any with a 89SD:100' market ca$ that $laces it 5ust behind

Goo)le ; (ma> chat client

with ?3M active users% the newly mer)ed S@S@/So)uo rd rankin) search en)ine%

and its new mobile Aa)shi$ social $roduct BeChat +(nnual e$ort-, Su$$ortin)

these $roducts% !encent ca$itali


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!encent " #orefront of China Internet Innovationa sin)le mobile Aa)shi$ $roduct% )reater em$hasis on su$$ortin) innovation at

home and abroad% and more robust a$$lication of a $owerful cash war chest%

!encent may even )ive Goo)le a run for its money,

Company History 'rief Strate)y ; Ma5or Milestones

In summary history% !encent was started by two Shen, >>% as the com$any was

renamed after an I suit% uickly )ained users but was unable to moneti> business

model% !encent started the $roHtable Chinese internet industry, 200 saw !encent

enter its most $roHtable business vertical 4 online )ames 4 as well as build their

advertisin) business before their 200 I@, !encent launched the ma5orly disru$tive

>7one social network in 200J% and be)an to mer)e all services around the sin)le

social lo)in as $art of the com$any.s *internet lifestyle strate)y,*

'y 2010% the com$any had develo$ed a vast $ortfolio of internal $roducts%

but also be)an to see uality rd $arty develo$ers on its frin)es, ( common

Chinese e$ita$h about startu$ success went% *Death% I@% or !encent%* 4 the latter

meanin) an instant hi)h4)rade co$y that destroyed the startu$ +!echCrunch!%

ony Ma-, Bith the 2010 launch of the @$en latform% !encent invited rd $arty

develo$ers to create add4on $roducts for its services in a cohesive% secure% and

moneti


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!encent " #orefront of China Internet Innovation4 and !ecent has been with them almost every ste$ of the way, Bith BeChat% the

rest of the world is in !encent.s reach +Stanford'usiness% Martin Eau-

!oday% !encent )enerates :K,2K' in revenues from online )ames% :2,1' ;

:2,?0' from dis$lay/search ads res$ectively% and :12K,' in )ross merchandise

volume from ecommerce +See =hibits ; -, roHtability is another story, @f its

:K01M 2012 earnin)s% ?JL of revenues came from the ra$idly )rowin) value4add

market +com$ared to the relatively saturated advertisin) se)ment- JL from in4

)ame $urchases and the remainder from I membershi$s to key services or

unlockable cosmetic items like additional emoticons, !oday% !encent has $laced a

ma5or focus additions to its mobile chat $latform% and e$anded o$erations in

browser )ames, It shows the bi))est ad revenues from its $roducts in all of China

and su$$orts it with vast eCommerce covera)e around the world, !he com$any has

)radually moved into tech investments to im$rove its $roduct and market

accessibility% and is Hnancially boomin) +(nnual e$ort-,

Industry & Environment Internet Services% &ey layers% Com$arative Dynamics

Bhile !encent o$erates across multi$le verticals includin) social media%

communication software% ecommerce% and cloud services% the com$any falls under

the com$rehensive umbrella of )lobal software ; internet services alon)side

con)lomerates like Goo)le% ahoo% (ma


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!encent " #orefront of China Internet InnovationCom$anies, IDC antici$ates a continuous )rowth in total uniue Internet users to 2,?

billion by 201 4 which will inherently e$and the reach of com$anies like !encent

and Goo)le to $rovide $roducts and services not 5ust to lar)er markets% but ones

with entirely new needs, Bhile the 2001 recession unconventionally limited Internet

industry )rowth to ,KL% forward4lookin) $redictions antici$ate increased internet

consum$tion in develo$in) countries as well as increased smart$hone $roliferation

to fuel new )rowth to 9SD:,22 trillion by 201?, !he industry overall has seen a

com$ound annual )rowth rate of ,3L since 2003% with di$s durin) 2003 ; 2012,

(merica accounts for K,2L of industry revenues% ahead of (sia and =uro$e at

0,2L and 2J,2L% res$ectively +Global 4 Software ; Services% Marketline-, (s the

Chinese market becomes more com$etitive and saturated% !encent will all the more

need to ca$itali


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!encent " #orefront of China Internet Innovation$osted breakaway 2JL / revenue )rowth for ? years via risky M;( and new lines

of business that $aid oN to make the business 2nd lar)est internet com$any behind

Goo)le +&essler-, Meanwhile% (libaba continued stock re$urchases from ahoo to the

tune of :,1' in 2012 ahead of an e$ected I@ in 201, Fo $ublicly available

Hnancial data currently eists on the com$any, #inally in the social s$here% #acebook

is !encent.s key international multi$latform rival to >>/>7one +but sees $oor

$enetration in China due to internet Hlterin)-% while Bats($$ 4 a $rivately held

com$any with J0M users com$ared to BeChat.s 2KM 4 re$resents the bi))est

threat to the BeChat mobile messa)in) $latform, Bith the combined >> ; BeChat

$latform% !encent threatens #acebook with 1%0JM users to 1%11MP however%

!encent is also seein) hu)e )rowth + from $revious year- and a rise in teen users

on mobile% while #acebook is actively losin) teens and shows only 13L user )rowth

/ +!a$$in-,

In considerin) the #ive #orces analysis% research $rovided considers the

market $layers to include any com$anies oNerin) technolo)y ; system inte)ration

services% I! consultin) or mana)ement% and data or business $rocess outsourcin),

'uyers encom$ass individuals consumin) for $ersonal or cor$orate use% businesses

and )overnment entities, In the $rovided ehibits J4% the red overlay indicates

researched $erce$tions of the Chinese market com$arative to the )lobal software ;

services industry market, Summarily% !encent o$erates in a middle4of4the4road

market across all Hve forces that is inAuenced heavily by new innovation and

shiftin) consumer $references but relatively steady business $references, !he

industry is es$ecially ri$e for disru$tion )iven lower barriers to entry amon) niche

entrants by startu$ entre$reneurs, ivalry has historically led to successful new

businesses bein) either out$aced by the increased resources of a ma5or com$any or


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!encent " #orefront of China Internet Innovationacuired for $ur$oses of skill em$loyment and market access, Consumers have a

broad ran)e of o$tions% but successful com$anies utili


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!encent " #orefront of China Internet Innovationhy$er4hostile China environment throu)h its revenue model innovation and

com$etitive core $roducts% but will face entrenched $layers like #acebook $osin)

hi)h switchin) costs, @n su$$lier $ower% as !encent is not only able to satisfy its

own hostin) needs but has direct access to a wide base of hardware su$$liers via

Shen


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!encent " #orefront of China Internet Innovationfacin) ones% there.s a reason why com$uter science de)rees seemin)ly become

very $o$ular, Beak brands may hold back re)ionally4focused com$anies like

!encent% but ultimately consumer4side a$$s live and die by network ado$tion and

deli)ht/ease of use when com$ared a)ainst com$etitors solvin) the same $roblem,

!hese latter $oints are at the core of startu$ culture% but to !encent.s credit% instead

of com$etin) with these small risin) $layers% they have be)un to nurture% invest in%

and sometimes acuire them throu)h a slew of international euity4based

investments and their @$en latform, Bhile the volume of substitutes may be hi)h%

their threat is relatively low )lobally ece$t a)ainst established $layers, Fetwork

eNects kee$ consumers loyal to services that have already en)a)ed their friends

even des$ite $otentially lower costs and diversiHed features due to one additional

factor value added services, !encent has created a ne)ative4feedback tri))er for

$roduct switchers who reali


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!encent " #orefront of China Internet Innovationsi


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!encent " #orefront of China Internet Innovation=conomically% ma5or middle class )rowth in develo$in) countries isn.t 5ust

fuelin) the boom of Chinese internet com$anies% but set to dramatically shift the

economic base of the world to (sia +namely China ; India- and the Middle =ast, =

$ro5ects over 0L of consumer s$endin) will ori)inate in develo$in) countries by

200% with a steady )rowth rate from its current 13L, Bith J00M Chinese enterin)

the middle class in the net decade and as much as ?0L of China.s whole $ro5ected

200 $o$ulation earnin) above 9S:10 euivalent/day% China and India will make u$

over JL of the world middle class alone, !he 9S will re$resent 1L% com$aratively,

!he demo)ra$hic shifts here are im$ossible to i)nore% and !encent has already

be)un $lannin) around (sia, Marketin) eNorts are underway in India% and BeChat is

becomin) very $o$ular across =astern continents, Bhile the com$any now courts

Silicon alley% their true stren)th is their tie to the )rowin) world and their

unbreakable hold on the Chinese market, !he com$any.s bi))est com$etitors will

soon be ori)inatin) in India rather than (merica% meanin) re)ional outreach will

become very im$ortant, Social sharin) is also becomin) a lar)er cultural

$henomenon amon) the risin) middle class who relish sharin) their $ersonal and

national )rowth% with internet use and smart$hone ownershi$ becomin) status

symbols,

#inally% notin) $olitical and le)al factors of China and abroad% !encent faces

the diQculty in eitin) the China bubble to com$ete on a better4re)ulated market

with a no4ecuses demand for uncensored sharin), !encent.s history of Hltration and

blockin) to censor $rovocative s$eech on Beibo has lost them face in the eyes of

forei)n customers% while locals have also shied away from the services after ony

Ma.s claim that R#alse information $osted on micro blo)s is a touchy issue% for

neti


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!encent " #orefront of China Internet Innovationar)uin) * R#alse information he is referrin) to is the CC authoritiesO evildoin)s

uncovered by civilians @ften it is oQcials who deliberately release rumors and

s$read fabricated news,T Fevertheless% !encent has few choices $olitically% it en5oys

a favored eistence within a $rotectionist internet environment that has allowed it

to become lar)e rather than be crushed early% receives favorable ca$ital lendin)%

and is em$owered to en)a)e internationally, Should !encent refuse to com$ly% they

may face the same fate as Goo)le in bein) asked sim$ly to leave, !his causes )reat

frustration in overseas users who refuse to submit to Hltration% and may be

$roblematic in convertin) users to the full !encent suite +!echCrunch% ony Ma-,

#inal thou)hts from Martin Eau discuss the diNerences between the 9S ;

China business environments, #irstly% the 9S customer is in a state of latent

demand their needs are hi)hly s$eciali


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!encent " #orefront of China Internet InnovationBhile com$etitors across s$eciHc verticals were discussed in the =nvironment

section% the only com$etitor euivalent to !encent.s $roduct variety and market

$otential is Goo)le 4 and will serve as the main $oint for com$arative Hnancial

benchmarks, !o reiterate% !encent.s MC( has 5ust hit 9SD:10' to 9SD:'%

rankin) with ahoo% e'ay% and (ma


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!encent " #orefront of China Internet Innovation$roHt at !encent )rew by ?,KL more than Goo)le% with over double the =@

K,JL to Goo)le.s 1K,K1L, !he com$any is oNerin) healthy returns to stakeholders%

amon) them early4sta)e investor Fes$er of South (frica% which continues to hold

over 0L stake in the com$any, !encent.s /= ratio hits an im$ressive ,?2% while

Goo)le clocks in at a 2,K ratio, !he e$ansion of the BeChat userbase and

increases in )ross mar)ins from in4house )ames are $ositive si)nals for at least the

net half year% but hi)h com$etition will necessitate increased ;D a)ainst

com$etition which will lower o$eratin) $roHt until BeChat attains )reater scale

+S;-,

Company Competencies ; Strategy 4 roduct ortfolio% owerful 'rand% #la)shi$

latforms

In seekin) to im$rove the uality of life of internet users% !encent has

established itself as a )lobal leader throu)h a vast $roduct $ortfolio% a $owerful

brand% and a slew of Aa)shi$ $latforms for continuous e$ansion, !hese three

strate)ic com$onents tie to)ether intimately% with stron) $roduct oNerin)s hel$in)

establish !encent as a multi4cate)ory leader and stron) Chinese brand% encoura)in)

develo$ment and usa)e of e$andable or new $latforms like >> or BeChat,

Bhile the historical $ers$ective )ave a summary list of verticals in which

!encent o$erates% the com$any in fact oNers do


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!encent " #orefront of China Internet Innovationdevelo$ment of a Hed identity across multi$le services makes the servin) of

advertisin) more tar)eted, Fet% the diverse $ortfolio eases com$etitive $ressures

by allowin) !encent to have multi$le channels of user acuisition and revenue

)eneration, #inally% the online identity both enables value4add services, Inherent

from the Hrst $urchase% but also in strictly free yet consistent use of these

inte)rated services% is raised switchin) cost, #ew users would $refer a service

reuirin) a second lo)in when !encent is already able to oNer the service, 'y

continuin) to diversify% !encent is also able to continue seekin) new talent and

attract new users in niches% makin) for both resource acuisition and customer

e$ansion,

!hese $roducts re$resent key intellectual $ro$erty resources that have

become leadin) in the industry, Startin) in 13% !encent has )rown its role in the

lives of Chinese users and now re$resents one of China.s to$ brands% and is China.s

most valuable listed technolo)y brand, !he com$any was ranked 21st on the B4

Millward 'rown brand list in 201 even before its recent success with international

e$ansion of BeChat, !he brand has been so $owerful that !encent.s $en)uin

mascot has been leased out to manufacturers and merchandisers for the creation of

$lush toys% suitcases% and more 4 which sell very well% and $rovide !encent with a

new source of revenue, !he com$any has also ali)ned itself with established

celebrities across multi$le re)ions +South (merica% 9S% India% China- in order to

$romote its BeChat $roduct% further stren)thenin) and locali


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!encent " #orefront of China Internet Innovationin the mission and $ro5ects of the com$any% in hel$in) !encent remain an

*as$irational* com$any that attracts youn) develo$ers with ambition% and which

$rovides a stron)er launchin) )round for international entry,

#ramed in the contet of )eneric business strate)ies% !encent has a stated

strate)y of hi)h4uality diNerentiation alon)side a low4cost or 7one-% or $rovide to$4uality

entertainment +considerin) Eea)ue of Ee)ends investments and internally4$roduced

)ames by to$ talent-, !hese $roducts are then made available at no cost to the

user% instead bein) su$$orted by add4value and advertisin) outlets, !encent is a

$owerfully innovative com$any on both $roduct and business model% allowin) them

to win on both diNerentiation and cost savin)s simultaneously, !he brand has been

valued at :'% close to Bal4Mart +euters-, !he reco)nition has also allowed

!encent to become an investor of choice for successful startu$s lookin) to tackle

China% which in turn em$owers innovation within !encent, In a country where

marketin) did not eist until a few decades a)o% !encent has risen above the $ack

to su$$ort its $roducts% em$loyees% and investments with $owerful reco)nition and

a clear mission statement +=hibit 11-, (bove all% considerin) the human resource

com$etitive nature of the technolo)y industry% this stron) brand euity will attract

the best% most creative em$loyees% allowin) !encent to stay ahead of the $ack,

!encent is not 5ust in the business of buildin) )ames and everyday services%

but $latforms on which to continue buildin) new features and s$inoNs as well as

create value4add revenue )enerators, Bhile eam$les eist in >7one and >>%

!encent.s newest mobile $lay is most relevant and their bi))est advanta)e as a


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!encent " #orefront of China Internet InnovationBestern4bound Chinese com$any, BeChat is becomin) !encent.s Aa)shi$

international $roduct between May4Se$tember 201% the com$any hasn.t 5ust hit

2KM active users +tri$lin) its $revious year 3JM% and out of K00M downloads-% but

doubled its overseas users to 100M, 'lowin) $ast locali


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!encent " #orefront of China Internet Innovationbe forced to ada$t, (s demo)ra$hics shift to the creation of the )reat (sian middle

class durin) 2020 onwards% BeChat will inevitably end u$ in the hands of the

develo$ed world, !encent continues to develo$ BeChat usin) an iterative lean

a$$roach 4 creatin) the features for the $roduct as they are demanded by users 4 as

they aim for 00M active users durin) early net 201,

!encent.s $latform a$$roach is not constrained to sim$ly their $roducts% but

includes their $rocess, !he @$en Cloud $latform has been a ma5or boon to !encent.s

ima)e and revenue stream by allowin) rd $arty develo$ers to create add4on

$roducts to im$rove !encent.s services for a share of earned $roHts, !encent wins by

bein) able to channel eternal creativity to attract and retain users% and develo$ers

receive the $ower of the develo$ment $latform, 'y creatin) an environment that is

secure% easy to use% $rovides wide distribution% and allows the moneti


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!encent " #orefront of China Internet Innovationbecomin) a )lobal business, @ver 3JL of revenues continue to be )enerated within

China% and des$ite hi)hly successful mana)ers with international accreditation% the

com$any has little e$erience in $erformin) outside of the *China internet,* Bhile

lon)4term $ro5ections show (sia is to uickly become the world focal $oint of the

middle class% !encent needs less the customer base of the 9nited States% and more

so the talent and innovation, !o continue bein) an ambitious and )rowin)

technolo)y com$any% !encent 5ust incubate ideas by skilled en)ineers% be they

internal or eternal to the com$any, !his will not only hel$ !encent establish a

stron) international re$utation for bein) an ecellent com$any to work for in terms

of bein) challen)in) and interestin)% but will contribute directly to their bottom line

by way of new $roduct or new rd $art add4on $ack for an eistin) $ro$erty, Bhile

other strate)ic threats and o$$ortunities eist% these two syner)istic $oints will

most meanin)fully ali)n !encent with future )rowth on an international scale, See

=hibit 12 for full SB@! breakdown,

China has followed the traditional trend of forei)n market entry Hrstly% in

manufacturin)% then in the service sector, In the creation economy% with a currency

of ideas and $assionate skilled workers% !encent must hire% acuire% and invest in

ins$irin) youn) com$anies to )ain local market stake, !he com$any has already

be)un investin) in com$anies +See =hibit 1- that ali)n with is mission )amin)

com$anies like lain anilla% social ; $hoto networks like @ri)ami Eabs% and

eistin)4$roduct diNerentiations like S@G@9, !hese investments% however% reAect

the careful% lon)4term orientation of a com$any with a fraction of the resources

!encent currently $ossesses, 1041JL investments also brin) little in way of

mentorshi$ ; resources without an ad5oinin) su$$ort $ro)ram% leavin) $romisin)

startu$s to ultimately defend for themselves or risk )ettin) co$ied, !o truly


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!encent " #orefront of China Internet Innovationca$itali


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!encent " #orefront of China Internet InnovationBhile considerin) Bestward e$ansion% !encent should also continue to focus

heavily on the world besides (merica, =nterin) this saturated market does not

su))est itself to be es$ecially more $roHtable des$ite bein) incredibly diQcult% and

may be an e$ression of hubris more than of wise investin), !encent has been

seein) incredible )rowth in South (merica% =uro$e% the Middle =ast% (ustralia% and

South =ast (sia, !hese re)ions will be able to collectively e$ort more soft $ower

than the 9nited States% convertin) (merican users by way of )lobal standard, !hese

actions should be taken alon)side% not instead of% a focus on (merican )rowth%

which should continue to receive marketin) su$$ort, Bherever !encent focuses its

ener)y% it may be leavin) its home market o$en to new com$etition from

com$anies like (libaba% and must be careful to watch both fronts,

!o foster both innovation and e$ansion% !encent should overall focus on

becomin) a $latform 4 not $roduct 4 com$any as wa)e e$ectations be)in to eceed

cost savin)s in China, 'y e$ortin) content creation to rd $arties% often $artially

controlled% !encent can focus on its core com$etency of creatin) scalable methods

of connectivity% delivery% and workin) on lar)e% brave innovations rather than hit4or4

miss )ames, Com$etition in online )amin) has be)un to fra)ment the vertical

further% with users movin) from software )ames to web and mobile% creatin) further

demand for ;D that will not be sustainable in the lon) term, Bith a focus on

mobile in the last year% )ame $ublishin) has become a $roHtable outlet to )enerate

hi)h4mar)in returns% but will reuire the ado$tion of outsource develo$ment on the

well4established !encent @$en latform, !he Hrst tar)ets for outsourced creation lie

in vertically s$eciali


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!encent " #orefront of China Internet Innovationwhat is core to !encent.s current team, !he com$any should continue workin) with

its select $artners on the )amin) front while seekin) to buy inAuential control in

others% while also seekin) com$anies skilled at $roducin) video content and others

skilled in $roduct desi)n and eCommerce o$timi


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!encent " #orefront of China Internet Innovationinte)ration amon) a$$s and addons% but it is only with !encent.s direction towards

content $illars +a)ain% video% )ames% and ecommerce- that the ri)ht ty$es of

$roHciencies can be outsourced, Greater robustness with reserve ca$ital should not

o$en !encent u$ to vulnerabilities in China with due dili)ence on com$etitive

analysis, !he com$any is in a stron) Hnancial% strate)ic% and actionable $osition 4

and with time% may become the Goo)le of China yet,

($$endiE!"i#it $ 4 Industry Environment % orter J #orces (nalysisSource ar!et"ine Industr y #ro$le, %&lobal 'oftware ( 'ervices%

E!"i#it % 4 !encent roduct Mi ; Monthly (ctive 9sers +M(9-Source Stanford 'usiness% artin "au, #resident of Tencent +via ou!ube-

Software IndustryGlobal vs, China Forces 'odel


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!encent " #orefront of China Internet Innovation

E!"i#it ( 4 !encent evenue ModelSource Stanford 'usiness% artin "au, #resident of Tencent +via ou!ube-

E!"i#it ) 4 Tencent )usiness ( #ro$t odelSource Stanford 'usiness% artin "au, #resident of Tencent +via ou!ube-

@nline Game revenues

trum$ Dis$lay ; Search

ads combined in China,

%*ill obviously change,%

-"au

eCommerce revenues


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E!"i#it 4 Industry Environment % 'uyer owerSourcear!et"ine

Industry#ro$le,%&lobal'oftware ('ervices%

E!"i#it * 4 Industry Environment % Su$$lier ower


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!encent " #orefront of China Internet InnovationSource ar!et"ine Industry #ro$le, %&lobal 'oftware ( 'ervices%

E!"i#it + 4 Industry Environment % Few =ntrantsSource ar!et"ine Industry #ro$le, %&lobal 'oftware ( 'ervices%

E!"i#it , 4 Industry Environment % SubstitutesSource ar!et"ine Industry #ro$le, %&lobal 'oftware ( 'ervices%


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E!"i#it - 4 Industry Environment % Com$etitionSource ar!et"ine Industry #ro$le, %&lobal 'oftware ( 'ervices%

E!"i#it $. Economic Environment % China total income by band 2010 and 2020 +annual income% thousands of $eo$le-

Source: =% iddle class growth in emerging mar!ets


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E!"i#it $. 4 &rowth +ates of Chief #layers China ( ' in Internet 'ervicesIndustry Source &oogle Finance, /ecember 0st 1203

E!"i#it $$ 4 !encent alue Statement

Source Stanford'usiness% artin "au, #resident of Tencent

/encent +@!CM&!S!C!7#-swee$s rivals in Jy)rowth%


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E!"i#it $% SB@! (nalysisSource @ri)inal


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=stablished brand and relativemarket dominance,

Diverse $ortolio of $roducts andservices,

obust% )rowin) Hnancials withhi)h uantities of reserve ca$ital,

Bell4mana)ed% eNective% lar)eworkforce,

#la)shi$ $latforms on mobile ;for develo$ers,

e)ionally constrained withlow international e$ansion

e$erience,

oor out4of4(sia brandin)%sti)ma attached to early*co$y culture*

6eavily levera)ed revenueson value added services,

'attle on two fronts retain(sia share while )rowin)

9S(,owerful

demo)ra$hic/economictrends in favor of

(sian/Mid=ast middleclass )rowth,

6i)h internet ;smart$hone $roliferation,

(sian advertisin) ;ecommerce )rowth,

Chinese le)al ; $oliticalinternet and euity

re)ulations,

Security threats onChinese internet,

!hreat of forei)n entreantsor startu$s into ownmarket se)ment,

S 01 /



E!"i#it $( 4 Tencent Crunch)ase 'tartup InvestmentsSource Crunch'ase% !encent


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Borks Cited


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!encent " #orefront of China Internet InnovationStanford 'usiness, +@ct 201-, artin "au, #resident of Tencent5

Documents

Tencent at The Forefront of Chinese Innovation