Tencent Earnings Miss Expectations on WeChat Promotion
Tencent Holding Ltd (HKG: 0700) posted 27.9 billion yuan in revenues and 7.7 billion yuan in net profits for 1H 2013, up 38.4% and 27.7% respectively from a year earlier. Net profit was lower than expectations, probably due to the expenses incurred from its global promotion of WeChat. WeChat, a mobile instant messaging app with social networking features as well as billing services, is the most popular of its kind in China. The number of monthly active WeChat users has reached 235 million, and over 100 million international users have registered an account. The China Daily had reported that Tencent planned to float WeChat separately on the Singapore Stock Exchange and an office had been established in the state city to handle the listing.
Alibaba, Hunan TV Said to Have Bought PPTV
Alibaba Group Holding Ltd and Hunan Satellite TV have jointly spent $400 million buying out PPTV.com, a Chinese video hosting site, 36kr.com reported, citing a person with knowledge of the issue. It was reported that Sohu.com Inc (Nasdaq: SOHU), a Chinese web portal, and Suning Commerce Group Co (SHE: 002024), China's largest consumer electronics retailer by revenue, were also among the bidders. Alibaba and Hunan Satellite TV declined to comment.
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