Tencent dominate Chinese mobile app usage as internet use advances
The government’s online industry overseers in the People’s Republic of China have released crucial data concerning the country’s internet use. And one of the things that stood out most was the incredible strength of Tencent Holdings Ltd.’s messaging service, WeChat.
Tencent has risen by almost 9% already this year
SOURCE: Yahoo Finance
The app remained the most heavily used app in the country for 2016, with an enormous 80% of online Chinese using it frequently. Tencent also took second spot in the rankings with its QQ app (another instant messenger) followed by Alibaba’s online marketplace, Taobao. Add Baidu to the mix, and the top 5 apps are all owned by China’s “BAT” triumvirate – Baidu, Alibaba and Tencent.
China’s internet industry exists in a bubble thanks to regulations that keep big foreign players like Facebook and Google outside the country’s borders. But, as separate as it may be, the industry is huge: China now has 731 million internet users, roughly twice as many as the entire U.S. population! These internet users are also remarkably sophisticated, by western standards, leading the way in online engagement and ecommerce, amongst other online areas.
The data, which was released last Sunday by the China Internet Network Information Center (CNNIC) in its annual report, also shows that the number of people accessing the internet through smartphones increased by a massive 12% over 2016 to 695 million.
Dominion holds Tencent, Baidu and Alibaba in its Global Trends Ecommerce Fund.
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