Chinese internet group Tencent said yesterday its profits rose 60 per cent in the first quarter, a strong result that will be scrutinised ahead of the initial public offering of the company’s biggest rival, Alibaba.
The Hong Kong-listed company, which runs the popular mobile messaging service WeChat and the gaming platform QQ, beat analyst estimates thanks largely to the growth of revenues from smartphone games.
With a market capitalisation of more than $120bn, Tencent is China’s biggest listed technology company. But that position is set to be challenged by the flotation of Alibaba, the Chinese ecommerce group preparing for a US listing that would value its equity at more than $100bn.
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