Tencent isn’t slowing down this year

Chinese internet giant Tencent Holdings, which operates the ubiquitous app WeChat, is not showing any signs of slowing down this year.

Last week, its market cap hit a record high, briefly breaching US$600 billion. It has been on a steady rise since March, with May seeing a big jump after the tech behemoth announced its quarterly results.

Business is going well for Tencent. In the first quarter of this year, it generated US$15 billion in total revenue, up by 26% over the same period last year.

Its music arm Tencent Music Entertainment (TME) reported total revenues of US$891 million during the same period and is expected to increase by 8.5% in the second quarter. Dubbed as China’s Spotify, TME operates QQ Music, Kugou, Kuwo, WeSing, and Ultimate Music, providing a bunch of music services such as online karaoke and music livestreaming.

Its gaming unit Tencent Games – home to popular titles such as Honor of Kings, PUBG Mobile, and League of Legends – saw US$5.3 billion in revenues in the first quarter, representing a 31% year-on-year growth.

See also: Tencent’s “dog-eat-dog” gaming empire

Its social networks raked in US$3.6 billion, while its fintech and business services gained US$3.7 billion.

Tencent has been actively investing as well. According to Reuters, the company’s portfolio has reached over US$66 billion. Some of its big bets include ecommerce leaders JD.com and Pinduoduo, which has reached a market cap of US$100 billion in less than five years.

It has also poured funds into livestreaming, with two major gaming-focused streaming platforms Douyu and Huya. Tencent is also rolling out a Twitch-like app via its affiliate company Trovo Live (formerly Madcat) as it forays into the US social media landscape.

Outside of China, Tencent acquired a 10% stake in Universal Music Group for nearly US$3.4 billion. It’s also reportedly in talks to invest US$200 million for a stake in Warner Music Group.

Most recently, it acquired the Malaysia-based Iflix to extend the reach of its own video-streaming service WeTV across Southeast Asia. With over 25 million monthly active users and a library of local original content, Iflix will propel Tencent’s overall push into original content.

Interestingly, Tencent is also reportedly eyeing a stake in video-streaming rival iQiyi.