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Tencent chairman Pony Ma sets confident tone for internet giant in 2024 amid WeChat’s improved business prospects, sources say

  • Tencent has overcome the worst of times brought by economic turbulence and increased regulatory scrutiny, Ma said on Monday
  • He urged the company to find new lifelines in its video gaming and social media operations, particularly WeChat

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Tencent Holdings chairman and chief executive Pony Ma Huateng urged employees to maintain a calmer attitude this year amid the government’s regulatory initiatives. Photo: Bloomberg
Iris Dengin Shenzhen
Tencent Holdings co-founder, chairman and chief executive Pony Ma Huateng is banking on super app WeChat to help lift the internet giant’s prospects this year, as China’s most valuable tech company has overcome the worst of times brought by economic turbulence and increased regulatory scrutiny.
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The 52-year-old Ma, who kept a low profile during China’s 32-month crackdown on Big Tech firms, delivered that positive message in a speech before Tencent’s annual staff meeting on Monday at a stadium in Shenzhen, the company’s home city in southern Guangdong province.
Founded in November 1998, Tencent must find new lifelines in its video gaming and social media operations, Ma told employees at the event, according to two sources who were in the meeting. He expected 13-year-old WeChat, in particular, to grow further as “an old tree should put forth new buds”.

Ma, who wore a sombre dark jacket onstage, said Tencent’s developers had worked hard to build new products to help bolster the company’s vitality in the past year, despite weakness in China’s post-pandemic economic recovery, according to the people who listened to his speech.

Tencent Holdings co-founder, chairman and chief executive Pony Ma Huateng sets a positive tone for the internet giant’s business prospects this year at its annual staff meeting on January 29, 2024, in Shenzhen. Photo: SCMP
Tencent Holdings co-founder, chairman and chief executive Pony Ma Huateng sets a positive tone for the internet giant’s business prospects this year at its annual staff meeting on January 29, 2024, in Shenzhen. Photo: SCMP

Tencent did not immediately respond to a request for comment on Monday.

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Ma’s optimistic tone at Monday’s event was in stark contrast to his message to employees in a December 2022 town hall meeting, where he said cost-cutting efforts would continue in 2023. He also indicated that there must be a renewed focus on the firm’s core businesses and chastised employees for a lack of urgency when it comes to improving efficiency.
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