<article>Tencent Holdings has so far backed over 100 unicorns, the internet giant disclosed at a recently held event.</article>

Tencent Holdings has so far backed over 100 unicorns, the internet giant disclosed at a recently held event.
The Chinese firm has invested more than RMB 100 billion ($14.5 billion) in over 600 companies, Zhan Wei Biao, managing director, investments, Tencent Holdings, said at the Tencent Global Partner Conference 2018. In Southeast Asia, Tencent&#8217;s prominent investments include gaming company SEA and Indonesia&#8217;s Go-Jek.
Tencent is currently undergoing a third round of restructuring since the company was founded in 1998, which involves the consolidation of its three content business groups into one unit and the creation of a new group for cloud and smart industries. The restructuring will also see a shift in the firm&#8217;s investment strategies, Zhan added.
In the areas of consumer internet, content and cutting-edge technological exploration, Tencent will deepen its focus on other internet-related verticals including smart retail, quality education, corporate finance, automotive services, automation of traditional industries and more.
Meanwhile, Tencent&#8217;s vice president of mobile internet business group, Hou Xiaonan, shared that since the launch of its content-focused TOPIC Fund last November, the fund has invested in more than 50 content startups across 14 verticals including games, lifestyle, travel, automobiles, entertainment, sports and culture.
He claims the traffic of these content platforms have increased by 250 per cent and the commercial revenue has gone up by 300 per cent.
According to Tencent&#8217;s financial report for first half of 2018, the internet company&#8217;s expenditure on merger and acquisition stood at about RMB79.46 billion ($11.53 billion) or 53 per cent of its total income for the period and twice its net income.
However, PEdaily.cn reported that towards the second half of 2018, Tencent was expected to have tightened its investment budget due to the ongoing restructuring.
Tencent closed last Friday, November 2 at HK$303.20.
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The Chinese firm has invested more than RMB 100 billion ($14.5 billion) in over 600 companies.

Tencent says has invested in over 100 unicorns, announces investment shift

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