MORE FROM KrASIA

CHINA BRIEF | Tencent becomes second largest shareholder of agricultural giant New Hope’s affiliate firm

The firm has a wide business scope, including but not limited to big data, software, and advertisement.

China_brief_apps China_brief_apps

Tencent has poured RMB 50 million (USD 7.1 million) in Xinteng Shuzhi Network Technology Company Limited, a company established by an arm of Chinese agricultural giant New Hope, according to changes in corporation registration information.

With the investment, Tencent becomes Xinteng’s second-largest shareholder. The firm has a wide business scope, including but not limited to big data, software, advertisement, and exhibitions and expo management.

Xinteng was set up last December with RMB 100 million in registered capital by Beijing Youjia Technology Company Limited, a firm wholly owned by Sichuan-based agricultural giant New Hope Group, a company that spans numerous businesses, including animal feed, pig breeding, dairy, meat processing, and distribution.

Youjia Technology has also contributed additional RMB 100 million in Xinteng Shuzhi’s registered capital, bringing the firm’s registered capital to RMB 250 million after these changes.

Xinteng Shuzhi, together with Tencent Cloud, provided technical support to an online consultation mini program launched on WeChat by the government of Sichuan province on Feb 5. The mini program, designed as an online medical consultation platform to contain the spread of the COVID-19 disease, has witnessed more than 29 million visits and offered 17,676 online medical consultations, which led to tests 5,233 risky individuals only one month after its launch, according to Sichuan Daily.

Tencent has not replied to KrASIA‘s request for comment.

This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.