- Radford Taylor Partners has commented on one of China's biggest multinational technology conglomerates, Tencent Holdings, which is planning to expand its reach into new industries which have been proposed from healthcare solutions to connected vehicles, in a strategic move to increase its future growth.
Radford Taylor Partners has noted that Tencent, the leader in social media and gaming in China operates WeChat, a free communication messenger application. The company said that the application would face a huge restructuring program that is aimed to shift from private consumers to businesses.
Tencent president, Mr. Dowson Tong, mentioned that they will be also focusing on AI (Artificial Intelligence), cloud computing and security during the company's annual conference.
"We have seen a lot of companies since the start of the internet aiming their attention to consumers, now we are seeing large companies focusing on the future which will cater to businesses," said Andrew Powell, Head of Corporate Equity at Radford Taylor Partners.
The focus to expand into new industries has come from the lack of growth from its main core, gaming and online services that were also slowed down by extra regulatory measures.
Tencent Holdings will also be diving into the autonomous driving business as a software provider. The company has already obtained road-testing authority within Shenzen and Beijing where it plans to incorporate its cloud services to be connected to cars.
Radford Taylor Partners research department has noted that the company has set aside around 5 billion Chinese Yuan ($700 million USD) that will go towards ventures such as music applications and short-form video applications.
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