Investments fuel a third of profits at Tencent and Alibaba
By Louise Lucas in Hong Kong
Alibaba and Tencent’s main business may be shopping and gaming, but their latest earnings reports show they are also giving investment managers a run for their money.
The Chinese tech duo’s substantial investment portfolios generated roughly one-third of their pre-tax income in the quarter to end-September. Tencent declared net other gains of Rmb8.8bn ($1.27bn) while Alibaba noted Rmb6.6bn ($951m) of net interest and investment income.