Tencent Unit Invests In Chinese Online Marketing Startup
(Yicai Global) Nov. 6 — Tencent Holdings has invested CNY16 million (USD2.3 million) in Chinese online marketing startup Shengcan Technology through one of its units.
The Shenzhen-based tech giant has become a shareholder in Shengcan Technology by way of capital increase, according to a statement from fellow investor SZZT Electronics yesterday.
Linzhi Tencent Technology and SZZT Electronics expect to invest CNY16 million and CNY20 million, respectively. The Tencent unit will hold a 4 percent equity in the firm after the deal.
Founded by former Tencent executives, Shengcan Technology initially provided customized online marketing for traditional enterprises through the use of open application programming interfaces from Wechat, before expanding into data collection, big data analysis and precision marketing for traditional shopping centers through platforms built on Tencent Cloud’s data analysis portal. The Shenzhen-based company has also worked with banks to develop new fintech service ecosystems.
In recent years, Tencent has invested large amounts into tech start-ups operating on Tencent’s online ecosystem and formed multiple business partnerships. At the recent 2018 Tencent Global Partner Conference, the enterprise announced plans to work with partners to increase investment and build industrial internet capabilities over the next three years.
Editor: William Clegg