Tencent increased its profits to USD 7.3 billion in the first quarter.
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While Tencent has enjoyed a more harmonious relationship with Chinese regulators compared to Alibaba, the company’s outsized presence in gaming and social media has raised monopoly concerns.
Tencent doesn’t have a platform to directly rival Alibaba’s Taobao, but it remains relevant in the e-commerce space thanks to WeChat and investments in other e-commerce platforms.